Ann: Change of Share Registry Address, page-9

Bukka - appreciate your thinking over that list but I wanted to pick up your comment that 'officially they have been in negotiations with the Indians all year'.

Couple of points on that: firstly, the clock is ticking as IND are dealing with KPECL which is a private company where the chiefs of the two nations (as far as I can tell) - Saddle Lake and Whitefish Lake - hold the voting shares. Chiefs have to be elected every few years and there's a possibility that as the clock ticks down then IND may well have a JOA with a bunch of blokes with no say in the matter anymore. I don't think any elections are due this year (check their websites), but obviously as time progresses this will come into focus.

Secondly, the cost of extracting product from tar sands is pretty high and the business model needs to be better than break even for these guys to think about phase 1 which I recall is re-entry to old wells - please correct me if I'm wrong. The price of oil has dropped dramatically since IND/ QPN announced this plan. Surely they had some sort of simple model that assumed an IRR for the project in the abstract - never mind approvals, and up-front capital and operating costs. That plan is clearly now in tatters given the 40% or more drop in their per barrel revenue projections. Surely they have one of those sort of spreadsheets knocking around, right?

For our guys in management/ on board - what's their plan if the oil price doesn't recover and some new chiefs get elected in?

PS DYOR and my sentiment is hold simply because I'm trapped in this stock since their failed drill in Louisiana in 2011 and now view holding IND as a totally educational experience in 'oily penny stocks'