joint venture, page-40

An early "I told you so".

All based on my opinion and feelings. I hope I'm wrong, but I doubt it.

First of all, regarding the 'frac venture' or whatever people want to call it. If there is no announcement by Friday, then it means that SSN have failed to get one up and running this year. Business will be done and dusted for the rest of the year and into early Jan 2011. Strike One.

Regarding the Joint Venture. IMO people are blowing smoke about any Joint venture for the foreseeable future. IMO there won't be one until the results of the CHK wells are known and by that time SSN will be T/O meat and gone. Strike Two.

Regarding silence from the company about ongoing operations and other information. Classic mistake on the part of an upstart type company run by a bunch now peacock types - they got their options, are ticked off that a poster beat them to the punch on the BIG one with the buyer of the land, and have resorted to a 'keep head down or buried in the sand' attitude. Strike Three.

The trading pattern and type of sales that beat SSN's share price also bother me. IMO lots of monkey business going on there and again no answers to many questions. We have a large 'black box' as a shareholder and basicaly we have no idea who the majority of SSN shares. Strike Four.

And finally, SSN shares have been one the worst performing Oz based oil and gas shares in the sector since selling its land. The share price has gone up less than the value of the cash rec'd for the land. Strike Five.

Now you can all flame me all youwant, but the fact is that SSN sits at under 6 cents - AGAIN.

IMO the only reason to hold SSN is for an expected T/O.

Sentiment: LT SELL