Ann: Production growth to continue at Snake River, page-21

re: Ann: Production growth to continue at Sna... Its not just about production, RFE have 75000acres in the Mississippi Lime, AOK have 22000 with the bulk of their land holdings in Kansas which is still unproven.

I personally have mixed feelings about the latest announcement. HOD on its own was a disaster and I am anxiously waiting for more details from Range on what went wrong, or whether everything went smoothly and that was all they could extract. Low production results like HOD are not unusual in the Mississippian and it is the overall average from multiple wells that matters but I was hoping that our snake river project near the Nemaha Ridge was different. The results have shown otherwise.

Nevertheless, Range's latest quarterly announcement indicated that 2 of their latest wells produced peaked rates of more than 1000boepd. Range are also still very positive but no longer mention 25 acre spacings in their latest presentations but rather 80 acre spacings which is still very good.

In relation to vertical wells, apart from some technical issues, production results are IMO still very impressive considering the lower cost of drilling verticals. However I feel that we need something exceptional to see exponential increases in the share price. This IMO needs to come from exceptional results from Apache in Kansas or more exceptional horizontal JV results from Range. Range and Apache should be presenting their quarterlies shortly and I will provide an update if there is anything interesting, either positive or negative to report.

Good luck to all holders