I believe the trading pattern in FWR shares, where institutional buyers come in late in the day and accumulate FWR shares suggests that a higher offer is coming most likely from Not. The market is leaning towards a 3 to 1 deal -.60- and certainly I would tender my shares at that price. Why? Because I think FWR's technical expertise and Not's financial backers plus the eagles could make a strong company. I would love to see Mac's crew take a shot at Eagle. Not has drilled so many holes its starting to look like at porquipine. 3 to 1 is about what the shares traded at this past year so I do not believe it would be dilutive to Not.

At 4 to 1, I am out...I will sell my shares before the merger because I am not convinced of not's assets. Mac will likely move to quc and take a lot of his skilled drilllers with him and I will follow him as I invest in explorers.