Ann: Notice of Annual General Meeting/Proxy Form, page-4

ha, "love the story".. Without that emergency $13 milion capital raise at 1.8 cents we wouldn't be here 3k, but deep pocketed friends means we are still afloat with the "potential" to be in the right place at the right time down the track if/when the cycle turns.

For mine it is increasingly about the Natural gas and growing demand for that globally, hopefully we get access to global markets soon enough for our asset to re rate. The price of gas is zero at the moment , but if this was to change things could heat up...The area is ripe for some major players to come through and lift acerage. Distressed transactions are already a feature , I assume major players are waiting to take advantage of those, but with Canadian govt backstopping some of the debt in the region maybe they start buying on mkt.

Reading some corporate presentations of those around us, Arc Resources, Canadian Spirit, Saguaro , they all talk about near by acerage transactions in the $5,000+, even $10,000+, per acre region, SPI says they put a conservative valuation on their acres of $1,000 to $2,000 an acre, yet they trade at an implied land value of essentially zero, just like we do. I must say our acres do tie in nicely with those around us, we do get shown on most maps of players in the the region and we look scale. Clearly that is now our future, sit tight and wait for the action. By buying that pipeline it is going to make it even harder for us to raise the debt as rehabilitation expenses come before creditors if companies go belly up, but hopefully more attractive when the M&A starts. The asset play story still stands....