Ann: AOE Increased Unconditional Offer for Pure E, page-9

re: Ann: PES: AOE Increased Unconditional Off... Stocktoe,

Actually I will correct you on several points before people are misled by stale or incorrect facts.

1) PES has 124 mm shares, therefore excluding the 20% AOE already hold, and extra 36 mm shares will be issued. This dilutes us about an extra 4.5%

We also part with an extra $30mm cash.

2) Shell hold 11%, not 15%
3) The royalty rights PES holds over Tipton West are very minor, worth a couple of million per year (not tens), and capped in total (from memory not much more than $10mm).
4) PES holds no farmin contracts over Arrow acreage.

EL