Mart Resources Inc MAUXF

RE: RE: RE: Results

[grandpama4]

I estimated this number based on information provided. As far as net earnings for Q3 I do feel Q2 is not a very good comparative and we should compare Q3 with Q1 . Doing so I estimate Net Earnings should be in the $ 35 million range and operating cash flow before any changes in non cash working capital items should be $ 40 million plus.I expect Q3 to be an excellent Q and Q 4 S/B even stronger with the higher Brent prices.As for the $ 3 million this is my calculation of the net bottom line effect of the excess oil losses over the budgeted losses for Q3 after deducting royalties ,estimated  partners share of 32% and income tax savings. Possibly you could let me know what your estimate for net bottom line effect is for the excess losses over the 8 % bubgeted and previosly reported.