Ann: AusTex Oil Announces $3.2m Placement to Inve, page-9

re: Ann: AusTex Oil Announces $3.2m Placement... Hi Tootils,

Thanks for your response. You are right, I dont have a spreadsheet on AOK expenditure because I dont need one. They will be back to the market before you can say FRACK!

Mr Hung will be throwing good money after bad in order to hopefully convert his bad money into good. I hope he does for his sake. Keep in mind he is a non Exec Director also.

You may have worked with them but I know where he got his advice from and it's not lets say, "professional"!

Dis, you may be right on one or two of your points and if you are I stand corrected. However, I do know that US$3m does NOT include the cost of a WD well.

I fail to see how these guys will ever drill a horizontal unless they space and pool with a partner or vice versa. If they are asked to participate, they will have to write a cheque on the spot. If you dont, you are out of that particular well immediately.

I suggest writing a cheque may be tricky for Mr Lanskey!