Neversofsteel,

Now that PHUN is a major shareholder of Falcon shares - I hope we are okay to discuss it here on the Falcon forum, but if we aren't - then I am fine with Soly deleting this message.

I own a few shares of PHUN, so will give you my thoughts on what this deal with Falcon could mean for PHUN, but there are probably others that have followed PHUN closer that may be able to add or correct my thinking.

The obvious direct answer is that PHUN now has a clearer asset value of 10% of whatever Falcon owns - which at today's market works out to $24 million dollars. However, PHUN -through it's wholely owned SweetPea subsidiary - also has a 50/50 JV with another Bruner company called Paltar. Paltar holds the rights to another couple million acres of the Beetaloo on the western side of the Falcon's Beetaloo holdings, that don't appear to be as prospective as the Falcon lands. This may add a little bit of additional value over the long term to PHUN - if Hess is successful and the oil and gas flow sometime in the next few years.

If Falcon shares go up by 10X to $2.00 per share - then PHUN's value would go up to approximately $200 million, but there are a couple of caveats to consider with this evaluation. One - PHUN is a Bruner managed corp. - so who knows what kind of convoluted arrangements he has in place or will have in place with PHUN. Two, I read somewhere that SweetPea has approximately $75 million in debt outstanding - which could impact any appreciation on the shares for some time, whereas Falcon will have no debt when the $10 million debenture is paid off in June. If someone else knows more about the debts or obligations of PHUN/SweetPea - I would appreciate hearing any details.

For my own trading PHUN shares, I will sell a few if they get up to 5 cents in the next couple of months, and the majority at closer to 10 cents - if Hess is successful in the Beetaloo.