Ann: Letter to shareholders re Arrow Proposal , page-40

77anthony,

"Check my history Sludge. Been in this forum longer than you and started quite a few threads over the years."

According to user profiles Sludge has been around since 2004, but you only since Feb 2010. Therefore completely false unless you've been multi-nic'ing.

Read plenty from Sludge over the years, but you my friend are a completely unknown newbie to me here on BOW. Imho your assertion look a little fired from the hip and very difficult to support.

At 144 I am happy to continue to hold passively, as I have since mid 09, but this sure looks like the end game. I"ll be expecting more than 148 but in the current climate (and with all the negativity around the csg sector) am no longer expecting something above $2. I"ll be surely disappointed with anything less than 160.

The problem for BOW is that with their completions knowledge etc Arrow will probably have a much better idea than BOW of what BOW's tenements are really worth. BG in particular should too. Hopefully BG will compete for BOW.

EL