Ann: AGM Presentation , page-8

Hi folks:

Thanks akkopower for the annual meeting info.

The discussion here on TXN's business model is important because, as estseon nicely described it, TXN is mostly an explorer and derisker, not oil producer. The latter requires equipment or wait in line for contractors to work on your field. (Other OZ oil producers in the US have recently complained about the delays and increasing costs of contracting drilling, fraccing, etc.) The oily explorer model has been explicit (or perhaps somewhat implicit) in TXN's activities and statements.

The oily explorer model likely has strong upside value-added potential because de-risking land can result in significant asset appreciation in a short time. But it also creates interesting consequences for shareholders.

Oily explorers (such as TXN) seem to have less visible momentum, such as weekly or monthly updates of ever increasing BEOPD output (see SEA and AZZ as examples). Thus, oily explorer shares might languish and be under-rated relative to the shares of successful oily producers. But when the big sale occurs, the share price will spike (in theory, at least, and depending on how value is realized for shareholders). Of course, oil prices add another variable into these dynamics.

Just my thoughts and observations. Please do your own research.