I've been following this message board for quite some time now. Since I now have firsthand knowledge after personally meeting Mr. Marc Bruner, Dr. Thomas Ahlbrandt, and now the new President and CEO, Mr. Robert Macaulay, I thought it was time to introduce myself.

I had the opportunity to attend the Annual Meeting of Shareholders in Vancouver, BC this past December 14, 2010. It was a very intimate meeting in that there were literally only a handful of us in attendance, minus the executives in attendance for Falcon. Representatives from Burlingame and Renova were also in attendance.

At this meeting, I was able to personally introduce myself to Mr. Robert Macaulay and Mr. Daryl Gilbert. At the end of the formal meeting, there was a Q & A session, wherein Mr. Macaulay, Mr. Gilbert, and Mr. Gregory Smith (I believe) fielded questions.

In a nutshell, Mr. Macaulay expressed how he clearly understood the high level of frustration amongst the shareholders, especially since expectations had been set high to get flow rates as early as July 2010 at the Beetaloo Shenandoah-1A well, along with the expectation of an IPO in the fourth quarter of 2010.

He went on to say that what appears to be a "long time" to outsiders is quite normal in the oil and gas exploration business; especially given the remote location and weather challenges of the Beetaloo Basin. The fact remains that of the ten or eleven wells that were drilled during the 1990's, all showed signs of oil and gas (28,000 feet of core with reference of bleeding oil, bubbling gas from the previous owners reports).

Mr. Macaulay indicated the expectation of a 2010 IPO was clearly premature. His now hopes he can now move forward and more effectively manage expectations in a more realistic manner.

He indicated with the announcement of the $63M private placement from the two new investors from China, they are now fully funded to continue their short-term operations, but it will take additional multiple millions of dollars to fully develop the Australian Beetaloo Basin resource. He did not provide any specifics, but the introduction of an experienced JV partner to do the "heavy lifting" was certainly in order.

Their plan is to begin making preparations during May 2011 to move forward with the drilling of the Shenandoah well in June/July and hopefully even performing horizontal drilling. I'll be the first to admit I know nothing about drilling a horizontal well, but it would seem to me that this would involve some fracking.

Let's hope this is the case as we continue to exercise great patience.

Until then, I have included a link to a video presentation by Mr. Ben Law from the AAPG Annual Convention, New Orleans, LA, April 11-14, 2010. Some of you have already seen this presentation, but for those who have not, the information presented by Mr. Law is very positive, to say the least.

I wish each of you a prosperous and profitable 2011.

http://vidego.multicastmedia.com/player.php?v=ul82pcj1