Butte Energy Inc V.BEN.H

RE: Production and drilling

[fdef]

My guess is that there is a great deal of financial pain in these juniors right now. It would not at all surprise me if some of the financially weaker members choose to merge or sell to stronger companies to avoid bankruptcy if the price of gas stays low or falls to $3.00. If that happens one can only hope that one holds the stronger buyer as well as the weaker, rather than only the weaker. Here is a really ugly scenario: the US dollar falls further, summer is cool, hurricanes cause no damage to the rigs or companies, so the glut of NG remains through next winter. Seppuku remains an alternative. fdef