"Was there any mention of the Hungarian exploration licenses? They expire on the 31st of this year"

Yes there was but I can't remember the exact wording. Bruner said something to the effect that they had a six month time period to apply for a production license but all of this fell into the same discussions about the Algyo conventional production as well, so not too sure what the end final word was. Steve Schultz gave all of us his card along with a new number to contact him in Denver with any questions, so I am sure he won't mind if I post that here for anyone with legitimate questions for him. Stephen Schultz, Investor Relations 303 893-1800 or mobile at 303 815-2868.

"The preliminary results of the NuTech analysis for shales at approximately 3,000-foot depth indicate an estimated initial production rate of several hundred barrels a day (assuming a horizontal well), and a 3-year recovery of 70,000 barrels per well."

Sounds good, except for the 70,000 barrels part. If the well cost say $10 million to drill, they would have to make $143.00 per barrel in profits to pay for the well in 3 years. So unless oil goes up to $400 per barrel in the near future, that doesnt sound very economical to me :)"

I haven't had time to study the results from key Bakken players here in Canada, but I am sure that Crescent Point Energy and Petrobakken Energy are drilling their wells for much less than $5 million per horizontal (I will go online and do some checking to verify their well costs and years of life if I can) and from memory I believe they are looking at recoveries that run for closer to 10 years. I don't know if the Beetaloo oil shales are much more expensive than the Bakken plays here, but at lesser depths you wouldn't think so, plus there seems to be a much much shorter life span per well for the Beetaloo but maybe that is the nature of that play. I do know that in Southern Saskatchewan Crescent Point and Petrobakken are putting in horizontals as fast as they can and expect an internal ROI that pays for each well in only a couple of years with many years of profit from each well thereafter. Does the NuTech analysis on life span show only 3 years or is that the point where the initial flow rates begins to taper off?

Regards Paul