Hi sandy9,

Good thoughts. As strange as it may seem, sometimes large companies (or medium wanna-bees) go into jv's or invest in a play just to be close to another larger company they want to keep on the good side. In this context, a russian company may want to get close to Exxon with a different play in mind, but needs to build a relation first. The Mako play may provide that opportunity. I think Burlingame in is for the investment and will be sellers, probably in stages, as they book a profit. Avelar may have different designs in mind, including building a relationship with MOL and Exxon. Just remember, any bid before cash flow is essentially a blind bid and a likely loosing proposition, even if successful.

I personally think that the stretch into Australia and Colorado are a waste of Falcon's resources, which should have been kept safe to help pay for the Mako JV or re-invested into the 100% owned lands at Mako. It is B.S. to think of it a diversification. It is nothing more and nothing less than mab feeling bored and wanting to do something to save one of his other investments and have something to do while the Mako JV chugs along. MAB is a promoter, that is what he does best. He is not a developer. We will need one soon.

db

db