shakeout & what we have to look forward to, page-16

Hi Haz,

To begin with just comparing the EFS ops hence the APC comparison.

But you're right. GGP could go where AZZ is going.

But what separates AZZ from GGP and the ability to get (non convertible) debt funding to drill their Permian acres is just this 1 simple thing:

1P Net Permian Reserves of 14.1 MMBOE
2P Net Permian Reserves of 24.8 MMBOE
3P Net Permian Reserves of 39.1 MMBOE

Posted it before, I'll post it again and again and again and again, IMO the single most important thing that should (have) be done is to get certified 2P reserves on what we've drilled (surely they are PDP acres) and then head off to the a local Midland Bank and get some Reserves Based Lending in place.

Made a note of it in the letter I sent last week - still no reply other than "we have it".