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Gold/Mining/Energy : coastal caribbean (cco@)
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To: george wood who wrote (1990)11/2/2000 10:33:58 PM
From: Edwin S. Fujinaka   of 4686
 
All I can come up with is the $100 Billion figure that I saw published in the Panama City News Herald. Actually, they were quoting me <LOL>. I did actually extrapolate to that number from the $90 million that the State of Michigan reluctantly was forced to pay to Miller Oil Co. As I have said so many times (ad nauseum, I suppose) the Oil & Gas Journal published an article that suggested that Coastal Petroleum's leases might contain "tens of billions of barrels of oil" compared to the 10.8 million barrels of oil that Miller Oil Company claimed. My wild $100 billion is the only number that I have seen other than the $1.4 billion that Curzio was tossing around a long time ago.

In truth, I really don't think that $100 billion is a realistic number. Not even for negotiating purposes. I do think that we could talk about 10% of that and maybe settle for the dollar amount that the State of Florida paid to their tobacco attorneys, $3.4 billion. After Coastal Petroleum initiates the inverse condemnation case in a couple of weeks, we should begin to hear leaks about negotiations. Even if the State proposes some very low ball figures, any talk of negotiations should boost the stock price. I would like to see the price in the over $2 range while the case begins it travel through the courts. Over $3 would be better. <G>. I am really anxious to hear the first comments from our eminent domain attorney. Especially on valuation.
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