Fatboy,

The Micon NR indicates that they are instructed to do a Phase I, Mineral Resource Estimate for Langmuir 1 and the area north of Langmuir 2. They are then to do Phase II Preliminary economic assessments examining the potential economic viability of each zone of the same areas. I believe that is what some call a scoping study.

It does not look to me like Micon will do any work, at this time, on other areas at Langmuir.

Personally, I was surprised to see that they were to do the Phase II study. As I see it, this does not change the goal of selling but would bring ISM to the point where it would have several options. If a sale does not materialize, ISM would have the option to do a public offering of additional shares based on the studies, or go the next step and get a Reserve Report which could be used for bank financing.

An industry buyer is probably going to want to buy until they know that there is upside potential on the rest of the block. I think a big portion of Joe Public and a lot of institutional buyers don't consider juniors unless they have a 43-101 resource estimate and an ongoing exploration effort. Any option ISM has to take at that point is enhanced if the drills are running.

Steak sells better when it has some sizzle.

Your friend in the oil and gas business should be able to tell you what kind of options open up for and oil and gas company when they obtain a reserve report. The 43-101 regs establish a system, with a few more steps, which give natural resource companies additional options with the completion of each step.

Now, if your other friend who wants out would quit "hitting the bids", maybe we any news we get will get the SP going in the right direction.

Nothing positive is going to happen to the SP until he pauses or runs out of the ability to drag us down.

I believe this is in general the way the system works, and where ISM is in regard to the system.

This is the way I see it, and I welcome clarification and correction.

Wildcatter