thoughts on mr. eddie smith's letter, page-8

OOPs,

In my previous post, quotations should have been attributed to 247247 and not hatsoff. However, it does not affect the gist of my post.

I truly believe that the current Directors of Coopers are there to create shareholder wealth albeit, to date, with limited success outside of the Cooper Basin (but plenty of potential with existing off shore projects and limited funding commitments).

Cooper Energy remain cashed up and profitable and ready to pursue ongoing and future opportunities without the periodic dilution of existing shareholders that we see in most junior/mid-cap oilers.

A new CEO should lift the stock if he/she has an eye on the way public announcements and reports are presented. Mike Scott's accurate but droll presentations did not, imo, generate investor confidence in Coopers; generally stating within a release that they will provide 'further updates when appropriate'. Can't blame Mike for all of that as the latest Perlubie spud notice by Hancock finishes with 'Further updates on Perlubie-2 will be made when appropriate' - no mention of targeted reserves or POS...

Try finding 'appropriate' details of their current drilling program which is probably there somewhere but certainly not in the 16 February 2011 announcement of the 'up to 11 wells planned' after an opening statement that four development and seven exploration wells scheduled, and finishing with the ever present 'further information on the drilling program will be announced when appropriate'. Surely it is 'appropriate' to release the program schedule with targeted reserves as they are known to company insiders but shareholders are blind folded.

I suggest that Cooper hire a decent PR company that knows a bit about the psychology of market investors and traders in order to overcome negative perceptions.

I conclude:

Eddie Smith is there for Eddie Smith and not for creating wealth for others. Ad discussed in this forum, under 'Chairman's Address to Shareholders', El, ronstieb, Auto et al agree that Eddie screwed up Impress Energy and Senex are laughing all the way to the bank with their current MC about 3x COE and raising another $53M on the back of their reserve upgrades for Growler & Snatcher gift from Eddie.