Ann: Voyager Gas Processing Agreement Executed, page-14

Hello. Doing the financial numbers is one thing. Another thing is the last presentation says Voyager has 299MMcf P90 reserves or 643MMcf P50 reserves. If my understanding is correct (note: I don't know if it is) then at P50 reserves this is not even enough for 12 months months production because the gas input rate is 2MMcf per day at 90% recovery.

To add, if I am understanding correctly (note: I don't know if I am), Voyager has a grade of 8%. But the last presentation says Galactica has a grade of 4% in places; Pegasus 3%, Samson/Argo 2%. This lower grades not only reduce the final product per input amount but may possibly increase the production cost per Mcf.

DYOM.