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Gold/Mining/Energy : American International Petroleum Corp

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To: Taylor Mill who wrote (543)	7/22/1997 8:31:00 AM
From: Taylor Mill	of 11888

What is the value of Exxon's reserves??? Just as one simple illustration of the absurdity of the preceding EKH diatribe, consider what an appropriate value is for Exxon's reserves. According to the fantasy post of EKH etc. : >>Since Exxon and many of the other majors are fetching around $9.00 per barrel of recoverable reserves, << Exxon is not "fetching" $9 per barrel for its reserves; I suspect that any financial analysis of it's market valuation would show this plus contain a current estimate of the market value attrributed to its reserves along with that attributed to its refuning, marketing, chemical, retail and other operations. In lieu of a readily handy current valuation consider the following from Exxon themselves: These are the worldwide estimated NPV of Exxon reserves -- $/BOE. 1995 $2.50 1996 $3.09 Where did I get this?? --- Exxon's SEC filings available at www.sec.gov with values calculated by Exxon according to the SEC methodology. The differences are significant primarily due to the substantial difference in yr end 96 vs, yr end 95 oil and gas prices which are a key component of the SEC valuation methodology. I personally don't recommend usage of the SEC values for comparing oil companies, but this was a readily available number and quickly shows how ridiculous this guy's statements are.

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