Rico,

This article was posted on other boards a few days before your link. Mixed reception - some thought it was great, others just company hype. I've been thinking hard about it, and I can't get excited.

As far as I can see it's not very different from George Langdon's presentation about the Green Point Shales to the Oil Symposium in September. The main difference is, instead of there might be 2 billion barrels in place, there now might be three billion barrels in place. Of this three billion barrels that might be there, ten per cent might be recoverable. If all this happened the shares might be worth about three dollars.

The reality is that this is listed as an undiscovered reserve. There are a lot of hurdles to cross before it becomes a proven reserve, at which point some of the big boys might make an offer. I'm not sure what is involved in proving the reserve, but lets say, a producing well to prove the oil is recoverable, several wells around the perimeter of Port au Port Bay to prove the extent of the shales, much more seismic testing across the bay to prove the thickness of the shales is fairly uniform, and detect any anomalies caused by faulting.

This is going to cost a lot. I would be surprised if SPE hasn't come out of K39Z with a debt, CIVC hasn't much money and has just announced a dry well in Alberta, it doesn't look as if PDI will be raking in cash from garden Hill after their last NR, so I'm not sure where the money will come from for this.

The people who express excitement in the article are the CIVC BOD. I would like to see similar excitement expressed by some independent body, or even some of the big oil producers before I see it as a road to riches for a company with over 400 million shares outstanding.

Sorry to be negative, it's just my opinion, but I think this is the way things are just now, and I don't see them changing in a hurry.

Regards

Dunnock