Ann: Operations Update - Project Icewine, page-39

Jim.....do you believe that there is a single investor in 88e that does not understand that there is still significant risk involved in its hunt for recoverable oil? Do you think that even the most gung ho of investors has not tested and recalibrated their risk and reward tolerance (and updated their knowledge) in light of the experiences currently underway in the HRZ? Do you actually believe that those who currently hold and choose to remain holding are waiting for your input to update their investment strategy? Or are your motives different?

Give it a rest mate. As for today's announcement - they have tied up the western acreage. Makes sense too. Under 'Plan A' the delineation plan was to march west and also concurrently test the conventional leads. Under Plan B they would do the same wells in the same locations but unlikely to proceed as deep as the HRZ. Either way, western acreage was important. That has now been sealed. Eastern acreage don't need to be determined just yet so why incur cost prior to requirement. This is simply prudence, IMO. Prudence does not indicate anything other than prudence.

GLTA. As they say, squeeky bum time looms.