vxr feasibility study out, page-2

Looks like vxr development costs is estimated to be 300mill in which theoretically NST 15% share would be $45 mill assuming all funding sourced from equity. Construction of processing facilities usually takes a couple of years so NST would have a long lead time to commit to such funds if they choose to go down this path. With 65-85 mill surplus casflow projected I expect NST can more then fund this internally. I suppose the question down the track is whether Bill may have a go at swallowing up vxr. I don't think this is really a question until perhaps later down the development road say in late 2013/2014.