Banter and General Comments .. BRK, page-223

One of the monetization options BRK have is selling the PUD reserves rather than proceeding to full development. The Jewell reserves are held within the Sycamore and Woodford .The company business model is not production based , but using the wells drilled that produce production to revalue their acreage as reserves are establish and then sell those reserves.

This option of selling the Woodford PUD's , rather than spending US $50 million to drill 5 wells develop those reserves is part of their very flexible business plan. Ff they do sell the Woodford, that will generate cash to develop the Sycamore rapidly, rather than needing/ waiting the cashflow to be generated and will also give then cash to purchase more prime undeveloped acreage. BRK will not borrow to drill wells.

Cheers

Dan