V.EGG - Ebony Gold & Gas Message Board

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Gold/Mining/Energy : V.EGG - Ebony Gold & Gas

EGG 6.115

-2.0%

Feb 2 12:47 PM EST

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To: eddie benson who wrote (519)	4/26/1997 11:13:00 AM
From: Don Billins	of 1088

Insider Report Update -- April 25/97 Home Page: www.stockhouse.com (in the Newsletters Section) E-mail: hotline@istar.ca ********************************************************* Ebony Gold & Gas [EGG.V] Hits Oil Better late than never! The Insider Report featured Ebony almost one year ago as being a good potential oil and gas company as they had revenue from gas which covered their expenses while they continued to drill for oil. Today they did hit oil. In a news release Friday morning, they announced that in a 48 hour swab test, the Ledbetter #3 produced the equivalent of 226 BOPD with producible gas. Quick calculations show that 226 BOPD x $20 USD per barrel = $4,520 per day. Times that by 365 days per year = $1.6 million USD per year. Times that by 1.3 (exchange rate into Canadian Dollars) = $2 million+ per year. With approximately 6 million shares outstanding, this is worth $0.30/share in earnings per year. Taking a conservative 5x earnings, this shows that this new well could value EGG stock at $1.50, not including other currently producing oil and gas wells. Ebony also recently hired an IR firm which could mean more exposure for EGG in the near future. We will still have to hear more about the Ledbetter to calculate its estimated life, but this is certainly a positive development for EGG. Ebony was trading at $0.80 this morning. The news release can be seen at StockHouse (http://www.stockhouse.com) or Ebony's web site (http://www.ebonygold.com/ebony). Insider Group

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