When the prospective property will require too much capital from your treasury... If you don't have suffecint funds to undertake the work , you look for a partner. This is not the case here... Prb has suficent cash in the bank to undertake a drilling program in McFaulds West, in fact the drill was to be on site this week.

The secnod reason could be to minimize downside risk... or maximize upside potential..... The downside risk is obvious.... and prior to drilling negotiations can be stong from PRB's perspective. It is Not that needs this property .... to ensure the core is intact.

Maximizing the ultimate value can only come from control .... and this is what NOT requires. control of the core area.... That will ensure that any sutor will have to deal with NOT.

From PRB perspective, I would prefer trading these properties for NOT stock... Reason... downside risk is near zero... and upside potential is still there... less dilution and upside from other NOT propertyies is also provided via a stock deal.

A JV deal does nothing for PRB except reduce the cost to drill ..... thus one has all the downside risk and reduced upside potential.... NOT stock is the only way to make a deal...JMHO

BIG plus.... managment hold large PRB positions... so they are in focus with our objective.... to maximize shareholder value. and minimize downside risk.