V.EGG - Ebony Gold & Gas Message Board

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

EGG 5.640

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9:47 AM EST

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To: Paul Kramer who wrote (620)	5/30/1997 10:27:00 PM
From: dennis naughler	of 1088

We should see at least one significant strike this time around.Looks like the Mitchell lease has its survey completed.They now have the money and the drill rig to keep plugging away till the Mitchell#1 is found. If memory serves me correct,when they do find Mitchell........... Take 25 percent off the top as royalties to the landowner and Tennergy Pipelines Corp. This leaves 450 BOPD. Assume Ebony nets $20.00 Cdn per barrel. Yearly revenue would total $3,285,000 or $0.50 per share. If an industry standard of companies trading at 5 to 8 times earnings is used this would translate into $2.50 to $4.00 per share.Not included are the revenues from the other oil and gas wells Ebony has in production.

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