bkiwi747txn were indeed fortunate to stumble into the efs field...

bkiwi747

txn were indeed fortunate to stumble into the efs field in the manner they did, but that history is gone, the strategy was always to explore via wandoo, making dave mason excessively wealthy from that aspect of the deal, and expand their program field by field

daves success on the wandoo 3d was limited to smaller gas targets, and the expansion into the mcmullen acreages was limited due to severe competition..

when it all went sour and changes were made, the focus was on an 6 months intensive study on the 3d's, new president of texoz, mr foss and new oil targets was the focus.

cliff says he is interested in getting acres cheap, doing proof of concept and introducing partners to decrease costs and do exploration drilling on new and hopefully larger oil targets.

we expect a 20,000 acre play is in development now in east texas. we see another 3500 odd position in place already at roundhouse. texon has new jv partners all over the place, so cliff has the ability to make those things happen, a very good skill imho.

things have changed vastly from the dave mason tenure, but with what i feel are vast improvements in targets from gas to oil, and proven plays like roundhouse in place, texon suffers a severe beating in the marketplace, with no hope a eagleford sale priced into the share today

things surely have to change