HITSGALORE.COM (HITT) Message Board

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Microcap & Penny Stocks : HITSGALORE.COM (HITT)

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To: Q. who wrote (4305)	10/4/1999 7:49:00 AM
From: ColleenB	Read Replies (1) of 7056

These prime oil and gas fields in Central Texas have proven reserves as shown in several Geological Reports and Reserve Analysis, giving a complete Geological Engineering Report. Anybody notice the wording of this? The "reservoir" has been proven by reports, there is no such animal in the petroleum industry. One could calculate a GUESS but that's all it's worth. If geologists actually "knew" what was beneath them, then why do oil companies spend millions drilling dry holes? One well can produce in abundance 50yards from a dry hole. The only absolute in the petroleum industry is that there is no absolute. Which also would leave any prudent investor to reject a promissory note on future oil production to be used as collateral. Even in a known producing horizon/field, this would be extremely risky. Did anybody contact disclosure and get a copy of the PPM? Perhaps the company provides more detail about these wells in Central Texas in the document. Depending on the size of the document, there is a nominal fee involved, (for example it was reported that one person paid $26 for a 62page document recently).

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