Josef Schachter Grove Energy Ltd. GRV-X BUY Sep 26, 2005

Has done very well in the last few months. Has a number of properties in Italy, the Carpathians and other areas where they're drilling for natiural gas. Have had some success there. A 40% partner with Sterling Resources (SLG-X) in Romania. The plays are very exciting. Prefers the larger partner Sterling because of their UK action.

The execution is not there. He is disappointed . The company is partnering with Stirling in Romania. This could wake the stock up.

Partnered with Sterling (SLG-X) in Romania where they hit a dry well. Also have onshore in Italy, which is a very attractive asset. Waiting for them to get a program with their partner and drill. Interesting assets, but execution has been the issue.

Have 2 discoveries, one in Italy and one in the North Sea. Just had a management change. An interesting story and the size of the prizes are material. The question is, when will they get down to a deal on production sharing. They also have to get money to drill.