fundamentals and production, page-8

Pickem,

Thanks for the response and for those links etc from Neilwa. The jury is still out on the production performance that is for sure, as I see the daily production weakened in the latest monthly report from previous guidance only one month before.

Although the target is 2000bopd and facilities were constructed for that, I believe the failure of McCool to produce initially due to water influx and the faster than anticipated natural decline in NSA wells has left facilities underutilised.

I am not prepared to take losses on my initial stake right now and have been trading a little to improve my average entry. Overall I believe the stock is undervalued and I have increased my holding at current prices. I would not be in it without cash flow in the current climate as I am not buying any new spec stocks. If PV can be successful with horizontal drilling and steam it will turn this ship around big time.

regards
DF