Ann: Investor Update , page-8

Stlamc, you'll know of this but others might not.

SEA have stated they have $110-120 million to acquire a proven development project (with production and obviously further drilling opportunities), and have narrowed their search down to 3 areas, one of them being the Eagleford. (the others being the Permian Basin and Granite Wash).

Obviously SEA would be looking at many opportunities, but there's a chance they could cast an eye over TXN's EFS project. It's the kind of affordable size they are looking for I'd imagine.

I wonder whether TXN management would accept $120 million, or whether that's too low of an offer. I would probably think this is a bit low considering the capital invested into wells, however we've got no clue what price TXN are looking for.

It's kind of funny (in an ironic way) that I'm asking that question, as that quoted price is significantly higher than the current Market Cap........