ascending triangle breakout pattern, page-9

Mangrove,

How can you value Magnolia at 10 to 25 cents for NWE TODAY?

Did NWE get paid real money for relinquishing part of the permit for the farm-in of AWE & Coogee? NO. They avoided future expenditure. There is a subtle difference?

And whether Magnolia has an expected value of ???? million really doesnt figure when the roll of the dice has been done.

Magnolia is worth SFA until something is found there. And there is a 7 in 8 chance there will not be. Pretty good odds of something not being found.

There is a big difference between a prospect and a oil reserve in the oil game. And Mr Market will tell you so.

There is no doubt that a 20% free carried interest in Magnolia has some value. The question is what would it sell for on the open market? At 25c per NWE share you are suggesting something like ~$25-$30 million? I dont think so.

acturtle