I HAVE LONG SPECULATED ON THE BOUNDARIES OF THE HS PLAY AND THE AMOUNT OF UNLEASED ACRES THAT REMAIN AVAILABLE FOR THE ENTRY OF NEW, MAJOR OPERATING COMPANIES. THE GENERALLY ACCEPTED CURRENT BOUNDARIES INCLUDE HUGE LEASEHOLD HELD BY PRODUCTION. LAND SPECULATORS ALSO HOLD SIGNIFICANT ACREAGE. THE REMAINING UNLEASED ACRES HELD BY LAND/MINERAL OWNERS MAY BE ISOLATED AND NOT ATTRACTIVE TO NEW MAJOR DEVELOPERS BECAUSE IT IS NOT SUFFICIENTLY CONTIGUOUS FOR DEVELOPMENT PURPOSES. AS A MEANS TO ILLUSTRATE MY THEORY, I AM INCLUDING A TOWNSHIP MAP OF NW. LA. THAT DEPICTS THOSE TOWNSHIPS WHICH CONTAIN SECTIONS THAT HAVE BEEN UNITIZED. PLEASE NOTE THAT ALTHOUGH NOT ALL SECTIONS MAY BE INCLUDED IN DRILLING UNITS, MUCH OF THE SURROUNDING ACRES ARE UNDER LEASE OR HBP. I DO NOT KNOW THE ANSWER TO THE QUESTION I POSE BUT I THINK IT IS WELL WORTH COMMENT AND DEBATE AMONG THE MEMBERS. THE HS PLAY IS RAPIDLY MATURING AS TO SIGNIFICANT PROSPECTIVE AREAS NOT LEASED, HBP OR NOT UNDER THE CONTROL OF THE LAND/MINERAL OWNER. AT THIS TIME, MY OPINION IS THAT ANY NEW, MAJOR OPERATING COMPANY CAN ONLY ENTER THE PLAY IN A SUBSTANTIVE MANNER BY ACQUIRING THE EXISTING LEASEHOLD OF ONE OR MORE CURRENT OPERATORS WITH SIGNIFICANT LEASEHOLD. IF SUCH WERE TO OCCUR, WOULD IT HAVE ANY MAJOR IMPACT ON BONUS OFFERS EXCEPTING RELATIVELY LOCALIZED INSTANCES?