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To: Biotech Jim who wrote (117890)	2/7/2014 10:59:00 AM
From: E_K_S	Read Replies (2) \| Respond to of 118717

Hi Biotec Jim - I had owned HK as a result of RAM. Therefore, I followed RAM and have a pretty good understanding of the land assets they own. Stock was reversed split when acquired by HK. I sold my HK near the low but still booked a profit. I think the sell off in HK was over done (a more than 50% loss in value) and as you pointed out, they do have some very good land assets. SFY, XCO and HK are the only E&P's I really follow now and for me, migrate to the profitable ones. So, SFY is one of my favorites at this time but only have a small position. I have been building up a position in XCO following value investor Wilbur Ross. To me, this is low risk E&P that pays a 4% dividend (at $5.00/share). Management completed some JV deals that gave away part of the upside to their JV partners in exchange for financing their 2014 drilling program. They also sold a % of their NG gathering/processing midstream assets which is/was a good revenue generator. I have reduced my basket of E&P stocks significantly allocating assets to the larger integrators and/or larger profitable companies. I have built a large % of my portfolio (35%) in NG gathering MLP's that consists of 19 companies that touch the NG business from gathering, processing, storage, transportation, and even export LNG terminals and shipping. SFY & XCO made my list because of their huge NG reserves. EKS