Solana Resources Ltd. (SOR.V)

Have a very aggressive exploration program in front of them. Have done 5 wells so far this year with 3 successes and 2 D&A. Their Puma well is going to be logged this week and, if successful, could have a potential of $2 NAV. In the next 4 months, they have 5 more wells.

Had a problem getting comfortable with this because of being in Combia. The country now has one of the best fiscal regimes and the insurgent issues have been worked out. Can see a tremendous upside. Drilling 11 high impact wells between now and the end of '06 of which 7 will be over the next few quarters.

Located in Colombia. Over $4 in January and then backed off to $1 then had 2 successful wells in a row. Drilling another well in Poomah which is a target of a potential 60 million barrels. They have 17% interest and if it comers in could add $2 to the NAV and the $3 target would then go to $5.

Involved in low and high risk high impact drilling in Columbia, so the biggest problem is the country risk. Hit a couple of dry wells and the stock came down. Has about $50 million of cash or about $0.70/0.75 per share, so the risk is out of the story. If they have only one success on the development location it would have a $2.25 target. Had 2 successes last week.