ef looking good, page-20

Hi DJ

I tend to look at the EFS purchase as a way to keep drilling while the PB is being sorted out. In many ways a 10% WI of an EFS Horrie is not unlike having a !00% WI in an average PB Vert.

It also spreads the risk and gives us a foothold in the other Texas hot play.

We have now participated in 7 successful wells out of the last 8, 6 of them this year. This is a good strike rate. That leaves Arcadia (conventional PUD),maybe another Bowtie (conventional PUD),maybe another EFS and hopefully at least 1-2 horries in the PB to go this year.

Cheers Whisky