Ann: Investor Roadshow Presentation, page-48

Value Hunter
I will start by saying I value your input so please don't take what I am about to say the wrong way.
All oil companies have GEO and sometimes they make good calls and sometimes terrible ones . These business work on a myriad of factors including strategic positions, measured risk , growth expectations and aspirations.
I agree you need to take F and D costs and acquisitions costs in assessing the net benefit of an acquistiions. But one must also place a value on the dirt as you put is as the dirt is a fixed cost that should be amortised over the productive life off the asset. So you won't be able to assess the true value until the dirt reaches the end of its productive life
Bpt and DLS not only have the conventional and unconventiional assets but proximity to established infrastructure. A company that has spent this vs a company that has to spend on this makes a very different inv proposition. Sto is a classic case of bad timing and the real financial risks this brings
My point about you being a GEO is by implication of how you stated that this somehow puts your views in a different class to Barneys. This is not necessarily the case as all companies have GeOs and one would argue the biggest blow ups come from Bad GEO calls. Your a geo with some views, dls has a team of geos, BPts does, some energy analysts are EX geos etc etc

Having said all that i do respect your views, so please don't take my post as a personal attack