1. This was a horrible punch in the stomach for all of us---price likely to decline further in next few days

2.Despite depression the future of Mako is not determined. The resource is large and difficult. But other suiters and even the return of exxon/xto is not ruled out. However any future terms likely will be far less favorable to falcon. No news regarding mako likely for 3-6 months-

3. Long term shareholders are linking the future to mako, which appears to be a very difficult resource to exploit. Beetaloo is a larger resource and likely easier to exploit. The depression here is the mistrust of MAB , the fear of no jv in AUS, and inability to raise funds. The biggest fear is a repeat of the mako experience---hyping,increase pps, jv---and collapse. Long term losers rightfully are bitter and cynical.

4 Beetaloo must be viewed independently and will determine falcons value--mako a possible bonus. Can they raise funds in the private placement? Can they create a successful ipo? Will they negotiate a great jv? Will they begin an aggressive drilling program in 2010? I have been on conference calls involving MAB--he believes it will happen. But he has been wrong so often.

5.If none of the above are achieved we will be sub 10 on the way to zero. If they are achieved we will be greater than one dollar by year end---good drilling results and the dream lives

6 200k shares and like the rest of you, I have no clue what the future will hold--but the riverboat gambler in mean is holding. I do understand the anger and sadness of long time holders--and their cynicism.

7 Today was a very bad day---but we are still in play--though unlikely to hear good news for months.Stay strong---its all about perspective.