Tax increase good for Ithaca???Due to the 5 year deferal on the tax increase, profit on 36M(5x365x20000) of the 42M 2P reserves will have been realized. If replacement of their reserves is accomplished by the purchase of existing fields, the sale price of these fields will have been reduced to appropriately to reflect the tax increase. Buying cheap fields now under the threat of a continued tax increase and then having the possibility of the government recognizing the impact of the tax increase in a couple of years and reducing the tax rate would then again add more value to IAE reserves. Nice scenario but I think I'll have to keep prayin a little harder.