Mr. Strachan joins the 8 or 9 in Mr. Keogh's presentation of the...

Mr. Strachan joins the 8 or 9 in Mr. Keogh's presentation of the 11th of this month that all give PSA valuations of over $1.00 SP, some nearer $2.00. These valuations go back to Feburary of this year so are reasonably current. The SP has continued to collapse in spite of them.

The presentation struck me as mainly terms such as "status quo", "dissappointing", no new drilling plans (except the VK well that has been on tap for years and never has happened), mechanical well problems after less than a weeks production @ Moonshine, plugged up pipelines @ Mobile Bay (now until Nov/Dec) and dry holes, dry holes, dry holes.

Least we forget, this SP was $3.45 just over two short years ago and suddenly lost the Midas Touch. Excepting a couple of occassions of coming up for small gasps for air it's been a one way trip to the cellar. There seems, to this contributor, to have been a huge loss of focus (no pun intended with PSA's partner - The Focus Group).
O