No volume...do not be fooled into selling at these levels....

No volume...do not be fooled into selling at these levels. Someone pushing it down to grab a whole heap very soon IMO.

RE: Sale of shares... we are talking a value less than 1% of the company worth. That still owed to shareholders anyway, so means very little... if you wish you can take a fraction of a cent off for uncertainty of reaching targets over 5 yrs. Your choice- if market deducting several cents I will certainly take advantage.

No one even knew about them anyway except if you went to May meeting and no one seemed bothered... barely worth the paper to announce it.

Anyway deal with facts- Well 1 producing 3Mil pm and can produce over 5Mil whenever we wish. Yet held back due to 17% free ride of Gas Plant, so held back on purpose for us to pocket money and not current Gas Plant we renting at this agreed figure. New Gas Plant being build for 2-3 Mil for us not to give away the 17% for nothing. Even on Well 1 the new Gas plant return on investment approx 1 month. Great Deal.

What some have not liked is the Gas Plant to take 12 months as opposed to 6 months. Yet all dependent on red tape in the country, aka 'payoffs'. HOG has come a long way in a short time in Ukraine so they know the score. Being in the know and bypassing red tape has a price...

Currently priced at well less than fair value for Well 1, let alone upgrade Well 1 or development Well 2. Could not care less about Well 3, as happy to make revenue of 100Mil in 2012\13 with a NET of 60%. All strategically played out to reach this MT goal.

Factors for decrease or increase is currency, oil\gas prices, admin approval of Gas Plant sooner or later than expected (I will bet sooner) and Well 2 success this year.

Still can be greatly rerated in 2011. Yet 2012 earnings should be x4 or 5 than 2011 for a better rerating. Yet good runs on the board are better than none.

Currently priced a tiny fraction of forward earnings.

Matter of time story IMO... reminds me of SSN, MHM and a few others that essentially had runs on the board (Cashflow)... then simply created more through key knowledge of locale and gas\oil exp.

Good Luck.