Cenkos Analyst Comments, page-32

I havnt had a chance to talk to PB/88E myself as yet but do hope I get the opportunity one day Tst.

One thing I can say from seeing various presentations in various forms is that PB is definitely the brain, and I wouldn't even go plural here (!!!) behind the HRZ Icewine play.

Its actually a really good question which I hadn't thought deeply about before, that being the relationship between 88E/Bex , Bex (BurgundyX being essentially all PB).

It was PB's baby right from the word go and there are a few researchable media items as well as some broker historic analysis (check out 88E website investor info) out there that explain the history of how this all came together.

That being said, from the very gradual amount of interaction we see between the JV parties these days its definitely a team effort nowadays and that relates directly to 88E being the hands on operators of the pre-production ON-GROUND stages a Icewine. But its no doubt PB's HUGE unconventional knowledge that is driving the analysis stages of this play.

Of course the other driving force, with which this wouldn't be happening at all, is the 88 Energy component.

Dave has a background of energy industry broker analysis in his early days which has subsequently developed into a much deeper knowledge of the industry. But his primary abilities lie in sourcing the much needed finance for this play, altho he has what appears to be a good understanding of the various project dynamics that can be evidenced by his calm and reasoned response to interviews on Icewine. He has what appears to be excellent industry contacts that have been built up over the years of industry experience and from the recent raisings, in association with the quality of the developing Icewine play of course, has resulted in the JV being able to strategically manage this play to what is now a complete financing package to the flow test well at Ice 2H.

There is still much for these guys to do between now and the Ice 2H spud in terms of better defining the acreage wide resource and continued detail analysis of the immediate Ice 1/2 acreage and how they might be developing this acreage if it proves up as payable acreage. So its been absolutely crucial for Daves exceptional fund raising abilities to be partnered with PB's knowledge/experience in this greenfields new play type in order that they may have even got anywhere near where they are now in the testing Alaskan NS region.

This is not to give an impression that 88E is ALL Dave Wall. There are some pretty impressive other names on this board without doubt contributing significantly to this project and its worth reading the cv's of all the board to get a realization of just how well rounded this little company is.

Given the required collaborative nature of the project as mentioned above there would now be quite a bit of pooled analysis from each of the Geo's involved but it will no doubt be PB's unconventional brain that will be doing the bulk of the analysis as he has such a hands on understanding of the available historic regional data and how the continual new data output from Ice 1 will mesh in with this older regional stuff.

As far as Dave being the primary info disseminator in this presentation I think that relates to the fact that its 88E presenting this info and Dave wants to keep a handle on what he feels can be released. That's nothing against PB's communication abilities as from what Ive seen of his presentations he prides himself on this character of his persona. There is no doubt he too his an excellent communicator and is extremely enthusiastic with this play but with 88E being the backer of this play/acreage its beholden on them to do most of the info release.

So these are just a few general observations from watching how these guys have operated/interacted in the last couple of years and I continue to find little to fault them on every plane of project/play development. This no doubt directly relates to their rather impressive knowledge of all things unconventional/conventional hydrocarbon which is extremely important to us as holders of 88E as its a very large component of why I have faith in what these guys are doing/achieving.

d.