Josef Schachter Grove Energy Ltd. GRV-X HOLD Nov 15, 2006

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.

Can't get a hold of management. If he cannot get to management in 48 hours, he won't cover them, but he likes the story. Good suite of assets. Could go materially higher.

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

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.