Ann: Production Update, page-11

I think that is the view that stumpytrunks has. I am sure he will correct me if I am wrong.

With oil prices so high it makes sense to expand your oil production. It's go go go. The problem I see is that, in my view, it's always go go go. Even if the macro climate is not so rosie. I suspect it is the curse of the oilman to believe that the big break is just around the corner. Just one more drill. The thrill of the chase, if you will. After all when a drill is happening the share prices rises in expectation. This is the same for both OEL and BYE as far as I can see.

It would be nice if, for once, management came forward and said. We have looked at the numbers and we think BYE share price is too low so, instead of drilling X we will be buying a few million shares back and paying off some debt. I appreciate that this is not the best course of action right now. But my feeling is that the reason BYE don't give us more info, is not as some claim "that it's hiding bad news" but because they realise that share holders are cashed out and therefore not willing to do yet another capital raise. So why bother?

So my concern is that both OEL and BYE will never "reduced exploration" and "be throwing off free cash flow". Because they will always be chasing the black dragon and a win just means they can double their bet and drill just a little bit more.

All disclaimers.