enercom valuation of ssn , page-3

matyd

As frustrating as it is to see the SP at current levels the next 6 months will tell us a lot more.
Both the Roosevelt and Hawk Springs has the potential to drill over 450 wells.

The market doesn't give much value at this stage to the Hawk Springs Project because it hasen't drilled any wells to date and supplies no cash flow. All our revenue comes from the North Stockyard Field in North Dakota producing 136 BOEPD from the March Quarterly, these numbers will be adjusted with the Earl and Rodney wells now producing.

But all this is about to change with the commencement of the Hawk Springs in mid July. We know our acreage is perfectly positioned and surrounded by many of the big players.

Good luck