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len grasso

06/14/03 4:54 PM

#10 RE: Frank Pembleton #9

Raymond James Equity

June 12, 2003

Tusk Energy with a price target of $7.00 in an 18-24 month time frame.

Inspite of 50% of their current production, Harthaven and Shane to be of a steep decline nature, these folks believe Tusk will make up for the decline with new reserves.

Link here:

http://www.tusk-energy.com

len