Ann: Pathfinder Horizontal Well Delivers Strong Oil & Gas Flows, page-17

Michael,

With all due respect (and yeah I know what that generally means) you don't have to pull the covers too far back to understand why today's news hasn't moved much.

1. The rocks are where they are. This well isn't new (yes it has had a workover). Compare that to when it was first TIL'ed. What is the composition of the production? What has to happen to be able to sell the gas production (rhetorical but if you don't know find out, figure out the cost and figure out what impact that has on "increasing production"). Ask yourself, what has changed

2. The location has not changed. Has there been further investment by other companies in the area. Why has the gas connection point moved 5 miles further away than originally announced.

3. How many times has the "gas sales" been touted. COGCC wont allow them to flare the gas, therefore can't flow oil either.

4. The increase in oil production comes from the workovers performed on the IOG acquisition wells. If they can tell you the total amount produced they can tell you the amount each well produces. That will allow you to assess how each well is performing over time and where in the decline curve they are. COGCC requires MONTHLY WELL PRODUCTION reports to be filed before the end of the next month (so Apr to be filed before end May and COGCC has it in public database in June). WHY HAS FPL NOT REPORTED this information?

5. Yes, Financial Statements do read like Japanese quite often. ASX reporting isn't anywhere near as strict as SEC reporting sadly. But read the English part of the Financial Statements. That will also give you a huge clue into FPL's relationship of EBITDAX and Net Income. Eventually you do have to account for where the capital (you shareholder funds) has gone.

If after doing so you still see the potential then fair enough its your coin .... "gamble responsibly" as the ads say. Many have said the same both ways. The debate rages on. New shareholders (those that have not seen holdings diluted by over 99% from multiple consolidations) and those that have short memories (must have a short memory) might be able to trade (gamble) fractional pennies for profit. Nothing wrong with that. Reckon most of the pumpers that frequent here (no names) sell while urging others to buy.