options, page-39

Hi 20103030

"I can forsee 3 to 4 wells being simultaneously fracced to the Strawn and beyond all in under 2-3 weeks. This year? Time will tell..."

Frac teams are are as scarce as hens teeth perhaps you mean back to back, doing four similtaneosly is not going to happen.

If your talking Horizontals, depending on which interval your drilling in will take 3-4 weeks to drill if all goes well. Then you have to wait for a frac crew and if things are busy like they are in the permian then that can be a while.

Realisticaly it will take 3-4 months from spud to get an initial peak flow rate.

I think if we can be producing a 1000 Boepd nett to us (taking out Royalties and any JV share )and rising before August we have a good chance of getting the oppies over the line.

Our first four wells will put us on the way to that number add a couple of successfull Horizontals at full production by August should get us there.

A lot of this will be determined by the terms of any JV and resolution of Legal issues.

The biggest Barrier to getting the oppies over the line is getting past the 8c mark knowing of the dilution ahead.

The chances of the heads getting a good spike and getting the Oppie holders out of jail are very high IMO and I hope they do, maybe they could have a breakout party.

Cheers Whisky