rbs morgans, page-10

Wasa,
BG shared a permit with AJ Lucas. Instead of selling to BG, AJLucas sold it at about 80 cents/GJ 3P to Toyota Tsusho late last year.

So, VPE can
1. Do an export supply deal with BG
2. Sell their CSG permit to BG for about $1 per share...or
3. Sell their permit to another party.

Just a matter of time and in the meantime VPE's Oil business is about to bloom in 2010.

PS. Have a look at VPE's permits on page 3 of their latest ATP574P announcement. Quality acreage, gassy coals ...and surrounded by Majors.