general meeting

Attended the meeting yesterday in Perth along with 5 other stalwarts! 3 of them and 5 of us - it was very cosy!

We voted as one on each of the 3 resolutions and the meeting was over in a flash.

Asked David a few questions and he provided long and detailed responses, so the formal part of the meeting was quick but question time was a bit longer.

1 SPP likely to be oversubscribed and will be scaled back prorata.

2. First horizontal to be spudded by end of month or first week in June. 30 days drilling from commencement to complete - so towards the latter part of June before results known. Subsequent horizontals to be completed fairly raidly as well. 3 in the next quarter spring to mind but don't quote me on that one. Been painting all day and I think the fumes have got to me!

3. Seismic not yet complete - results will be used to guide the horizontal drill rather than find out what is there.

4. Asked about how Soros' became involved and was told that his group had been looking at the Mississipian play for a while, in particular at Sandridge but felt that the ship had already sailed in terms of their acreage and sp and David said that RFE was in the right place at the right time. He also said that they would liketo see acreage increased rapidly.

5. David said that they were still looking at 50,000 to 60,000 acres by end of June and that they had people out in the Oklahoma fields banging on likely doors. Also said that Sandridge could possibly be involved in some way with the first well. He didn't say how.

6. David also suggested that aside from the 50 to 60K net acres that RFE would hold, RFE might also participate in other opportunities in a minor role.

7. David was very upbeat in his view of the future as you would expect but there seemed a smugness there that implied he knew more than he was telling. Or so it seemed to me anyway. At one stage I said "if" we find what we are looking for and he was quick to correct me with a "when" we find what we are after.

8. Most recent well drilled will become a water disposal well. Can't remember offhand the name.

9. That's all I can remember right now but if anyone has a question it might jog my memory!

Go RFE (sorry WB couldn't help myself!)