Cuervo Resources Inc CRVNF

RE: FE Revised 2005 Guidance..NOT GOOD

[burgoyne]

I think what really suprised me was the number of issues. We are not talking one well here, we are talking about issues all over the board. That is realyl scary. I've seen one well (Questerre) or one field (CLL) mess up a company, but this seems very widespread and does not exactly inspire confidence. Lets see, Ariel did not work out, bigstone not what they expected, two wells at Pembina not ready as expected, disapointing results at Hazlet, disapointing results at Whitecourt and Thorsby. Seeign issues across so many properties scares me. Either the company has some real issues in their technical staff, or perhaps they really overestimated (and effectively hyped) their stock. I was %^&* lucky to have exited yesterday morning. I only did that as a temporary move as I wanted to free up money for a short term play, but for now I'm not about to head back into Find. As the Red said, it will be interesting to see the reserves report. I see most of the issues are around nwe production they were trying to bring on line. That may have an impact upon the probable reserve. Hopefully no huge reserve writedown is coming. If it does, I expect the company will trade at a 30 to 50 percent discount to NAV and be put up for sale. Good luck to all.