Ann: Results of Meeting, page-6

Large Portions ,

At the time I was also thinking that a sale of the company might have been preferable to the recent capital raise ; especially if the sale had happened before the S.P. had declined .

At current oil prices , nobody in the U.S. is making any money to speak of and most are still losing money according to the 10-Q filings they make to the SEC . Most of the claims of breaking even at $50 are false .

A couple of problems I have with the current U.S. strategy are :-
- in common with most light tight oil producers , this is very light oil and U.S. refineries were designed for heavier 32.5 API degree oil and need the very light crude blended with heavier oil . The price for Empires oil is goverened mostly by how full storage is at places like Cushing Oklahoma . $70 for U.S. light crude seems a long way off .

- New York shale . If this is not in the sweet spot then even without the frac'ing ban it would be worthless . Currently I don't believe the company really knows whether it's in a sweet spot or not .

I don't know what I would change about the strategy if it was my decision . At least the company is doing OK on pipeline networks and rights of way which are independent of price of oik , What would you do ?

Agree about the remuneration .