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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: STLMD who wrote (4037)8/20/1999 12:22:00 PM
From: Bearcatbob  Read Replies (1) of 15703
 
Way to go STLMD - Keep the bull on the BullBoards honest:

Hey Sheik...I just went through registration here so I could reply to your hapless use of the facts.

Fact 1: Insurance money for ELH1R is over since they have now reached the Temblor as they had in Nov before the blowout.

Fact2: All the JVs through recent pp(example PYRX with 4.9 million US, BKP with flow through placement of 49million Can.) have enough cash on hand to drill approximately three to four more wells at $10 million US a pop without having to issue more shares.

Fact3: ELH 2 should be spudding late this week and is NOT financed by Insurance monies. It is reported to be the largest land based rig in the US.

Fact4: Cal Canal is nearing Temblor depth and being paid for by the JV, not insurance.

Is there still risk to this play?Yes, by all means. However, after logs are run these next two days and we know the porosity and depth of the first two sands and the drilling continues, we will know a hell of a lot more. This well's casing is cemented and tested to 17000PSI all the way to Temblor depth and have a number of BOPs at the surface and any problems similar to last November will certainly be handled by this experienced crew.

Now... if your intention is to spread clueless diatribe in order to get cheap shares, I apologize for the above. Have a great day! Stephen

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