Also to point out, we have the Pantheon resources drilling to...

Also to point out, we have the Pantheon resources drilling to look forward to. AXT is the largest shareholder at 6.86%, Pantheon is drilling this month...

Pantheon has a 25% working interest in a joint venture testing the reserves of Austin Chalk and Woodbine Sandstone. "The JV acerage is located immediately adjacent to the highly successful Austin Chalk projects drilled by Anadarko Petroleum and Ergon Oil and Gas, who enjoyed a 98% success rate at the time of Pantheon entering into the JV.."

The Austin Chalk formation (primary target) has expected average gross reserves of 8Bcfe per well, "In the event of success, a rapid payback is anticipated, due to veery high initial production rates, with Austin Chalk wells typically producing 50% to 55% of reserves in the first year of production"

"An average of 8Bcfe Austin Chalk well is estimated to have a NPV10 net to Pantheon of US$6 million per well. A 50 well program would therefore be expected to provide material upside potential."

Success at Pantheon will reduce the downside in the event of the Xstrata drill not being successfull...

Always DYOR