Ann: Update on Key USA Projects , page-6

I was monitoring the depth today and it was just 1 desperate seller who kept lowering his sale price until they eventually dumped at 3.59pm. From 34c to 31c, must have really needed some cash.

V8, according to the presentation, no activity is scheduled at Maverick until June.

Nevertheless, there are some major potentially game changing announcements pending in the next few weeks. Stimulation of Vail this month with production testing in June. We will also get production testing on the Cooper Mountain Project, if we can get approx 100bbbl per day that will be nice revenue earner before we start conducting further work to verify the resource and hopefully future production.

The map on slide 8 is a beauty, all that acreage adjacent to some big producing wells.

Let's not forget Sleeping Gas either, well to be drilled this month with production testing in June/July.

Success at Vail or Sleeping Gas should see a significant rerating. I'd also expect some institutional buying if we can commercialise these projects and transform from explorer to producer.

We can't forget Maverick either, which could be another major success. I'm surprised the Encana acquisition of $3 Billion in the Eagle Ford last week had absolutely zero impact on the stock. Yes, we are in a different county but there should have theoretically been some flow on effect.