Ann: Non-Deal Roadshow Presentation, page-32

Saltocan, its all about what your investment criteria are. For me, BPT is a company to hold if you like the CB infrastructure and its gas sales. DLS is a growth stock with proportionally much greater exploration potential. Also on a very simply basis, they are making more money per share than BPT... and will continue to do so for at least the next 3 years if they have no further exploration success. As Corp rightly points out, BPT had to buy into DLS Hurron propect, because quite simply BPT has no real exploration potential, other than what DLS already has majority share in.... PEL 91, Wet gas and the rest.

DLS has never had a problem selling its oil and gas to the SACB. In the end I hold both, but 80/20 split, DLS obviously being my preferred stock.