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OLWALRUS

07/12/08 9:30 PM

#17293 RE: LDC #17290

I like your time table better than mine. I was just going by the time it took for the new wells drilled last year and early this year. I was trying to stay conservative (which is very difficult for me), remembering the problems with GB-19. It is my understanding the the 4 Ball Lease wells are producing but not to their capability even now.

15 more new wells this year would put production way over my conservative estimates. That would make 21 new wells plus the stripper wells (which now includes 3 more on the Bane Lease). If the new wells only averaged 20 boed and the strippers would produce 1500 boem, we would have production of 14,000 plus boem. Put out that news in January 2009 and watch the pps.