Thanks BrunerFan, here’s the complete translation.

The Makó gas field, and the shrinking Hungarians

http://www.napi.hu/default.asp?cCenter=article.asp&nID=431462&place=toplista

Ádám Viktor

In recent weeks, almost half of Falcon Oil & Gas board of directors departed, including two Hungarian experts. However, they will continue to help the company in an advisory capacity.

After a series of resignations at the end of the year, Falcon Oil & Gas has been fundamentally transformed; almost half of the board members were replaced. There were two Hungarians among those that exited. Although there is nothing unusual about this type of change in the company's life – while last year only two new members were added, however in 2007 five were put on the team – but this time it’s easy to guess that the serious difficulties experienced in the Makó field also played a role in it. To be recalled:after Falcon’s partner, ExxonMobil proposed to suspend research at the Földeák-1 well, Falcon also temporarily shutdown and discontinued further research at the site.

On December 21, the geophysicist Professor Ferenc Horvath and Stephen Schultz have announced their resignation from the Falcon’s board of directors, and stated that they did not intend to stand again in the ordinary and extraordinary general meeting. (Schultz as a member of the management will be managing the corporate communications in the future.). János Csák (the former president of MOL, a corporate governance expert) resigned at the beginning of this month, a few days before the general meeting, which was originally scheduled for December 10. Prior to that, at the end of November David Fisher made a similar decision and resigned from the board. Csák was elected to the board in October of last year.

This year's ordinary and extraordinary general meeting was eventually postponed to December 22nd. At this gathering of shareholders, Robert C. Macaulay, Thomas G. Harris, John Craven and Gregory Smith were nominated and elected to replace the resigned members, György Szabó (Chair), Marc A. Bruner, Joachim Conrad, Daryl H. Gilbert and Carl Stadelhofer have remained on the board..

Promising Board was created – Commented György Szabó on the events of the day. The Chairman said that in the new board members the company has acquired an unprecedented level of industry expertise, among other things, in geological, Petroleum science and finance and accounting fields. According to the issued communications, Macaulay, Harris and Craven have decades of experience, that is they are the real veterans of the oil industry, whereas Smith brings more than three decades of professional experience in the accounting field.

Szabó in his statement to this newspaper pointed out: Csák and Horváth will remain with the company in an advisory capacity and continue to work with them besides the Makó and Australia with two other projects, which are also controlled from Budapest.

Chairman of the Board the same time acknowledges that although among the company's projects the Makó is the most promising this time, compared to the current activity the Hungarian side was over-represented on the board, therefore, to adapt to the circumstances an adjustment to the composition occurred. This is just a rough explanation to the change, but there are other reasons behind it - he added.

In regards with the current research Szabó emphasized that in the thousand square kilometer Makó trough, that is the 70km X 30km mining area, results from wells 20 kilometers away from each other, it would be too early extensify the results and would lead to erroneous conclusions. The tomography study continues, but we still don’t have all the data - according to the information the results of the tomography expected early next year. The company has arrived to a junction in the road, either the current line-up will continue to operate, or have to seek other partners, but meanwhile the research does not stop –said the president.