Ann: Rig Secured for Wolf Pack Well, page-26

A lot of positive commentary....many have been waiting for drilling news. I'm giving a differing view. I'll qualify what I say by saying drilling is great for the company however I'm circumspect with drilling BUT only at this time. BRK is in the fortunate position of having half its market cap in cash & strongly generating more. I was worried about expending capital for increasing acreage when oil prices are at highs with commensurate asking prices on leases being pushed up but opportunity might be knocking on the door. There's a good chance of a very disorderly fallout in the financial system this year. If the majority of assets get hammered dragging down oil in the short term then this could be an opportunity to increase very prospective acreage at bargain prices. If O & G do get smashed in the fallout I think it will be temporary. The Saudi's & Russia really have a hold on supply & thus price. There's no secret the Russians are comfortable to weaponize energy. At the moment market balance does not reflect price but eventually it does. Cash could very well be king here. Maybe