talon petroleum initial valuation, page-7

agentm, where did you get these details about cost per well for Roundhouse? You mention that the other East Texas leases TXN is buying are shallow oil deposits, which implies that Roundhouse is also shallow and therefore cheaper. But $4M for one well seems a bit low for any horizontal.

Also, you refer to Foss's past practice. I assume he said this in one or both shareholder meetings? Your description makes sense, particularly with tight cash situation.

Thanks!