1. Unconventional Economics for Shale Gas and Shale Oil Projects MARLAN W DOWNEY 2/2012

2. RAPID IMPROVEMENTS IN RECOVERY TECHNOLOGY PLUS UNDERSTATED POTENTIAL VOLUMES EQUALS UNDER-VALUATION M W DOWNEY 2/2012

3. FOR CONTINUING GROWTH, SHALE GAS NEEDS ~ $ 6.00 MCFG SHALE OIL NEEDS WORLD PRICE > $ 70 BBO M W DOWNEY 2/2012

4. TARGET VOLUMES; VOLUMES WITH A PLAN M W DOWNEY 2/2012

5. MEASURE IN-SITE VOLUMES; FIRST STEP TO MAKE THEM TARGET VOLUMES M W DOWNEY 2/2012

6. TECHNOLOGY IS RAPIDLY CHANGING RECOVERY EFFICIENCIES M W DOWNEY 2/2012

7. LOOK DEEPLY!.. WHAT IS WORTH OF LONG-TERM OPTION TO DEVELOP TARGET VOLUMES ON YOUR HBP ACREAGE? M W DOWNEY 2/2012