Ann: Conventional Portfolio Update, page-28

DW has mentioned net 30% to 88e post farmout.. as a possibility.. at both of the last 2 presentations..

So i base my own calcs on this..

I do believe there will be one more final acreage addition to the conventional/hrz at icewine.. just before farmout signoff perhaps..

this might or should boost the current gross 2.9bill upwards a bit more leaving 88e with net circa 1bill conventional after a farmdown to about 30%..

someone.. i think mikemike... makes suggestion that more capital raise is good.. i find this to be ridiculous..

no more capital raises should be done at all.. only farming down of icewine projects to reduce the risk of failure involved..

Farming in to nearby drills like talitha etc for 20 to 30% should be done if there is cash available.. not much more to it..

spreading the risk as has been happening is good..

taking on too much on any one project is not good.

It does look like 88e have it under control..

hopefully the farmouts succeed..