where is potts?, page-9

Potts,

You may know the answer to this?-how many $'s (ie cash) has PM paid for his 9m odd shares? The guy is on $400k a year and was a director for some years before becoming an executive director. PM is clearly not an idiot in terms of managing his own financial position. If he thought that NWE was a $200m mkt cap company he would have pumped in $1m+ into shares during the past 10 years. He has not done so. That does send a message to the market, particularly when the share price is low and there is no director buying.I don't think that you can successfully argue the PM's financial commitment to the company has been great.

As for the constant time delays there are issues outside of the control of the company. Lodging the regulatory documents to obtain the authorisation for 3D seismic was completely under the company's control. How can the company claim on March 25 2013 (in the Norwesterly) that 3D seismic would be conducted during Q3 2013 and then lodge the application in Q4 2013? That is farcical and inaccurate reporting by the company. It is also disrespectful to shareholders.

The catalysts for the company are:

1) Farmouts/ sourcing funding.
2) Commercialising Arrowsmith.
3) Proving reserves on assets.
4) Meeting commitments on time and on budget.

There is poor visibility in respect of the above and the low mkt cap has a huge impact on every possible future step the company makes.

I look forward to reading your analysis and thanks for the time in putting it together.