Long Run Explor Ltd Ord WFREF

RE:RE:A Share Deal could be possible?

[Karmanow]

Hello Reflect! Like you we can only hope that oil and nat gas prices rise in the future. My post on the Noble purchase was to show LRE shareholders that our current debt of $700m will not stop a major from having a look ... and instead of a cash offer based on the current share price...base the offer on the producing barrels of oil, which would be good for shareholders. During this down turn it is likely we will see more mergers and aquisitions as it is cheaper for a major to aquire production and reserves at these depressed prices. Lots has happened over the last 90 days! IMHO... 1) LRE shareholders have to have to realize that some share holders took the exit after the dividend was stopped. For some investors the dividend was paramount. 2) We also know that Franklin lightened their load and exposure by 8m shares during the same period. 3) We also know that LRE used up a disproportional amount of the 2015 Capex Budget during the first quarter ... and the result left the first quarter in the negative. We may have to wait until Q2 results are out where LRE can show that they actually put more cash available toward debt repayment and or the ($40m) of required interest repayments. 4) LRE did not pay down the planned debt ... and for some investors ... they will not be satisfied until they actually see the debt being paid down as planned and reduce the risk. 5) LRE only disposed of $10 of non core assests during the quarter. It appears the street want to see something more material in disposition ... something closer to $100m likely. 6) We appear fortunate that the institutions and funds are still invested with LRE trading under $1 per share!