rock hard string, page-65

Matsim.."B is looking to increase the SP for SH "

actually I would say that TB is looking to create long term wealth for shareholders including himself. As such I would say that short term SP demands from SHs is not the priority. Small but significant difference and I hope you take my point.

With respect to moving the more costly rig to Tooheys and having the workover rig do the fishing well that's why they pay the CEO to make the best decision and hence I am sure that is what he is doing. The other thing may be lining up Frac Crews while he can on the two Bakken wells. Utilisation of the big rig to drill more wells is the most important thing to do imo. Hence neither of us can really make comparisons on the cost benefit of this decision.

Vince Gralla also believes the Perm/Penn is a better option than re-frac Defender as the 1st choice. Am dissappointed thought that TB said Defender would be re-fracced earlier ( April I think) and this has not been done. I would suggest that horizontals at Hawke Springs are still well on the table and we should see some ann on this soon. Maybe Haliburton / CNOOC will look at this after Bluff is tested.

GLTA