Addax Petroleum (fka AXC)

[Krombacher]

Where I was wrong:

1) I thought Sylvan was honest with me when he said he didn't gag the TA. I have the entire conversation recorded.

Wrong.

2) I thought we would find oil in Kenya for sure.

Wrong.

3) I thought the convertible debt would only be a few temporary rounds...have some negative effect on the share price...which could be ameliorated by buying more shares.

Wrong, but only on the count that they didn't "learn their lesson" and they did it again.

4) I thought they would learn their lesson...but what they did was more insidious than that...they not only did the CNs again, they did them as they were trying to intimate that there were "oil shows" at Tarach instead of saying it was a dry well from the get go.

So wrong there too.

But had we found oil in Kenya...then I would have been right on all counts except for number 1. And THAT is the luck of the draw and has nothing to do with any special logic that you or anyone possesses in predicting the future.

Krombacher