Luxembourg,

It may be worthwhile to query investor relations to find out a bit more about the timing on the Buckskin Mesa completitions. I got the impression that, with the all the paperwork/legal requirements that PHUN had to clear up from their original deal on Buckskin, the completion work wouldn't really get started in earnest until spring of "09". I may be wrong on this timing but that was my impression of when to expect any significant results.

As to Exxon's progress, I think you are right in that there is little chance of an update before year end, at least as it applies to any of Falcon's existing wells. I am hoping for some news on the test well being drilling just outside Falcon's land (in the donut hole I believe it is) that is so close the JV lands that it will have very positive impact if the test results are as expected. The best piece of news that I have heard of late was the comment (can't remember who posted on this) that Exxon had 100 of their people in the field. If Exxon has made this kind of expertise in place, then I feel much better about letting them take the time to figure out how to get the resource out commercially. We also have the added benefit that this gas is becoming strategically more and more important everyday and sits at the crossroads of Europe. Buckskin Mesa offers us some upside potential for sure, if the wells are prolific, but I think the natural gas price in Europe will stay much higher than the North American price for some years to come and I'll bet that Exxon thinks the same.

As for Tristone selling over 3.4 million shares this past year, I would expect that it is one of the previous insiders or a hedge fund selling. They are certainly keeping a cap on any price appreciation right now, but in comparison to the number of shares that Avelar and Burlingame have made a bet on, it doesn't compare. What I don't understand is the reluctance of Avelar and Burlingame to snap up all these 20 and 30 cent shares when they were aggressively buying millions more at much higher prices. Maybe they are like me and have completely run out of available funds to buy any more and will have to HOPE that the current bet pays off over time.

Regards Paul