Value Microcaps Junior Energy

[tmcal6]

IAE.v

I am not sure if the market response to the Sproule Reserve Report was all related to the reserve numbers or also impacted by the general energy market and selloff of BP. I don't think a 5 million barrel increase in 1P reserves is small, but probably a lot smaller than some of us expected. I believe we are invested in a production company that is conservatively managed, and that is also reflected in the Sproule report.

It is also important to note that all of the Ithaca production and exploration is in water depth under 500 ft. If located in the Gulf, they would still be drilling.

It believe we will see a rebound. GLTA

Tmcal6