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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: jim_p who wrote (29994)2/18/2004 5:59:41 AM
From: jim_p  Read Replies (3) of 206092
 
For those still holding EP, don't think for a minute that the $1B charge is the end to the reserve problem.

The reserves are based on the closing price for NG at Henry Hub on 12/31/03 which just happened to be $6.00 per Mcfe.

If those same reserves were calculated in the last few weeks the charge would be $2.5B.

The very fact that EP is now at it's full cost ceiling assuming NG prices of $6.00 per Mcfe is a very negative event that will haunt them for many Q's to follow.

JMHO,

Jim
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