Banter and General Comments .. BRK, page-11099

Hi mate

My back of envelope calculations are of similar magnitude but a bit less. I get ~ $4 million after the buy back, and spending on leases in Bruins and Maroons. They have been very active building their WI in the DSU’s.

One reason they will want/ need to drill Bruins sooner than later is they need to HBP it. The best way to do is now is part of a development program. Non full field development of Jewell and drilling only 3 wells will not be efficient , relative to FFD, and may compromise a HBP well at Bruins.

BRK didn’t’ JV The FMDP be cause none of the parties involved had anything more than cash to bring to the table. That implies CLR we’re not one of the parties in the end which to me indicates there were issues with other surrounding operators who would have needed to be involved in the JV.

CLR own all the DSU’s south of Bruins/ Jewell. IMO a JV with them in an expanded JV, including some of their acreage plus their drilling expertise is more of an option as less parties involved.This option for JV will bring so many efficiencies, ( less wells needed with longer laterals, earlier start date, experienced operator with enhanced drilling/ completion techniques , funding certainty ).

cheers

Dan