Ann: Progress Report Snatcher Field Update , page-9

Monark

LOL You must be from the same camp as Ronsteib. I feel that when people are valuing ITC they are putting more importance on reserves, instead of looking at other variables. Maybe this is the industry standard. I am not going to argue that, but personally the reserves listed are very conservative based only on volumetric analysis around each well. The Snatcher field nor Growler have closure so no one really knows how big they are. Growler was calaculated the same. Growler continues to flow with minimal decline and water on free flow so the feeling is that it is much bigger than they think. How much - who knows.

S1 and S2 appear to be part of Charo. It appears to me and I am no oily but S3 maybe part of the Liberator field with 2 different sands in the well and slightly different characteristics.

I think the upcoming 3D is going to be huge and you will see reserves upgrades in both Growler and Snatcher.

The share price has none of this built in, the earnings capacity , exploration upside and our acreage, which has become very valuable now. For those and may other reasons I still feel ITC is underpriced.