ARHT Media Inc V.ART.H

For the Record

[GreatSwami]

I lost a lot of money (for me) in the market collapse of 2008 - primarily through believing in the underlying assets at Oilexco among other more speculative plays.

I underestimated the severity of what was happening with global finance (and with it where oil prices would get taken). I also over estimated the value of the underlying Oilexco assets. Primarily the size and productive behaviour of the Brenda field and confess to being shocked at how miserable Shelley turned out under the stewardship of its new owner Premier. However there were several other assets under the Oilexco umbrella that only time will prove up or deny. Huntington - palaeocene and Jurassic - is not yet on production, we have no idea what will be made of Bugle, Blackhorse or Kildare - and it is notable that it is a former permit belonging (50%) to Oilexco that recently hit the news as being potentially very significant - if not in fact huge. (The recent Catcher oil discovery of Premier and Encore).

I personally know only too well the harrowing stories of many of the folks - who like me - believed that the World was not about to change as dramatically as it did - and just how quickly the agressive debt financed business model was to be driven to extinction. Lesson learned - and its been an interesting journey back - with a long way yet to go.

I spent many years exchanging barbs with Mr Good40 while Oilexco shares rose from around the $3 level all the way to their peak at over $18+ (briefly). During this time there was not one single instance that Mr Good40 did not find Oilexco horrendously overvalued. The fact that it took over 4 years and the biggest single bank collapse of our time to prove him eventually right is an interesting testament to dogged persistance. During this time Good40 posted on no other stock BB. The folks who were hurt at Oilexco were the ones who (like me) held almost all the way down. Many people I know lightened up at $17, $15, $13, $10, $8, and even $5. (I sold my last Oilexco shares at
.34). The mistake many people made was simply one of greed and shocked disbelief when the game rules changed suddenly. Themistake was not in buying Oilexco at $3, or $4, or $7, $8, or even $10 - it was simply not taking some profits when the opportunities presented.

There is the accusation of my being part of a Boiler Room group of Pumpers? I don't think so Good40 - what there was - if anything - was a ship of investing fools who had the unbelievable good fortune to get on a really exciting train ride - but who forgot when to get off or simply did not follow sound investing rules of self defense.

I talk and write to many of my old friends from those days - we share stories of how things in our lives have changed - and of course we all hope we are so much smarter now - even if ruefully so.

I do not know how all the Vast/Longford/Western Zagros/Gulf Keystone (Not to mention partners like Talisman and Niko) stories will end up. I simply recognise that this whole area of Kurdistan has some undoubtably huge potential - but of course individually there will be some heartbreak stories along the way.

I have some faith that many of the structures present here (which after all are the quintessential Low Hanging Fruit of the oil patch) will reward those investing in the upside. I also have no doubt that some will also disappoint - nothing in life is ever guaranteed. For that reason I hold or have held and traded in a basket of these companies - sometimes successfully sometimes not so. But as a group of companies or a basket of opportunities I think these are some of the things that any speculator/investor would want to have a part of for the potential future growth.

I am not going to weigh in on what the value of potential Resources, Contingent Resources, Proven P1, Probable P2, or Possible P3 Reserves might be (or are?) under current circumstances - there are plenty of others that can easily do the heavy lifting here. They are called "Analysts," Independant "Reservoir Engineers" etc etc etc. Check the websites, presentations of the companies (and their more "respectable" partners) and get the numbers that mean whatever they mean for yourselves. These things are all guidelines anyway - and come bounded by large error ranges due to many statistical variables.

One thing is pretty indisputable - barring some really out of left field event - if considerable quantities of oil are located (and proven) by drilling on any of these projects - the value to any potential shareholder is likely to improve from where it sits prior to that revelation. No doubt about it. Whether that price spike is a temporary flight of exuberence that flops back down again equally rapidly when folks realise that development is a ways off - or whether it is a much slower stepwise tapering off or flat line oscillation - who knows? All i know is that most folks will be trading away to lock in some profits and doing their own reading of the Tea Leaves as to longer term direction and investment decisions.

One thing puzzles me - if you single mindedly focused on Oilexco from a possible personal grudge with someone over there (which knowing personalities could be quite understandble!) - what grudge do you hold and against whom is it directed here?

I shall try to confine myself to mostly technical issues as anyone who knows me well understands I am no financial guru LOL! But since you wanted to drag up the past - I just feel that it is only right that I give it some perspective for those who are unfamiliar with the longer history elsewhere. I think most folks are already well aware that "trusting" anyone here in cyber space is a dangerous habit to get into - and some of the most dangerous folks are those that seem perhaps the nicest or the sharpest. Nobody could however make that mistake over any of my posting for as you say I am the most self confessed foolish poster in existense - and when it comes to financials - not the sharpest tool in the shed...

Have a nice day - and just for the record - why are you here and what is your grudge this time?

GS