Wednesday June 11 8:46 AM EDT
Company Press Release
Source: Asensio & Company, Inc.
Asensio & Company, Inc. Reiterates its Strong Sell
Recommendation on Solv-Ex Corporation's Stock and
Issues a New Report on Solv-Ex Oil Sands Leases
Solv-Ex Possesses No Valuable Reserves
NEW YORK, June 11 /PRNewswire/ -- Asensio & Company, Inc. today released a report
containing the findings of its evaluation and analysis of Solv-Ex Corporation's oil sands leases. Based on an analysis of over 200 recent comparable oil sands transactions, the report concludes that
Solv-Ex possesses no valuable reserves.
Solv-Ex Corporation claims that its oil sands leases possess valuable reserves. Solv-Ex has avoided giving a specific dollar amount of what it claims its reserves are worth. Instead, Solv-Ex has stated
that it has reserves of 8 billion barrels of ``oil,'' 4 billion barrels of ``oil'' that are recoverable and that minerals contained in its reserves are worth 2 or 3 times the value of the ``oil.'' These statements maylead investors to believe that Solv-Ex's oil sands leases are valuable. This is a misperception that has
been purposely cultivated by management. Solv-Ex's claim to possess reserves that have a value that can be of any consequence to its investors is completely false and untrue.
Asensio & Company, Inc.'s report shows that Solv-Ex's oil sands are among the least desirable in Alberta. However, even if you value Solv-Ex's leases based on the highest price recently paid for
any Athabasca oil sands rights, Solv-Ex's reserves would still yield no value to Solv-Ex's shareholders.
A summary of Asensio & Company, Inc.'s report on Solv-Ex's oil sands leases is available on the Internet at www.asensio.com. |
