Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-107

With our large acreage, small budget and high hopes this is always about the odds, as we all know or should have done from the very start. That's what I bought into, a speculative punt and a roller coaster ride. I have been at these crossroads before with other small speccies. I have found that without patience in a person this is the wrong game for them to be playing, for their own good.

Of course we all hoped for the well that we all dream of but nobody dares to mention. Still do. That's the joy of speculative companies. We are not a tier 1 company that can go in and do a 30 well program, so we do the best we can on a shoestring budget. Luck will always be an element of success, that's why the large companies with multi-well programs seem to have all of the luck. When you can throw lots of money at it you do get luckier.

It's all about the odds.... and of course, patience.