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To: Janice Shell who wrote (7919)	8/6/1998 10:50:00 AM
From: Bird	Read Replies (1) \| Respond to of 11684

Janice Shell wrote: >Was management misrepresenting the value of the company to shareholders and >potential shareholders? That's part of what the SEC wants to know. The press release could be construed to pertain to the agreement with the real estate broker to PROVIDE hydrocarbon ground containing at least $200 million in reserves. This meaning that if the reserve studies done by Dunn reveal less than that, more land will be added until the 200 million is reached. The court would then assume that the release was not constrained by time in its inference to assets. Regards,

To: Janice Shell who wrote (7919)	8/6/1998 10:54:00 AM
From: eric deaver	Read Replies (1) \| Respond to of 11684

<<Since at the time this statement was made no surveys had yet been done, it might be argued that they had no idea whether this was true or not. Was management misrepresenting the value of the company to shareholders and potential shareholders? That's part of what the SEC wants to know.>> Once again, hence the May 28th PR. It states very plainly how numbers were estimated in the abscence of a survey. Would a survey have been more reliable? Yes. But, again, one can argue the numbers (as GS likes to do) but you can not say the company hid the figures in this PR. You forgot the "IMO" bit at the end there, too. Eric

To: Janice Shell who wrote (7919)	8/6/1998 12:34:00 PM
From: LionHeart	Respond to of 11684

"Was management misrepresenting the value of the company to shareholders and potential shareholders? That's part of what the SEC wants to know." Not only the SEC but shareholders as well. LH