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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Ed Ajootian who wrote (96492)	2/7/2008 6:41:50 PM
From: upanddown	Read Replies (1) of 206209

Ed I would really appreciate your opinion of EPEX valuation. At December 31, 2007, the Company's proved reserves of oil, natural gas liquids and natural gas totaled 163.4 Bcfe, comprised of 116.5 Bcf of natural gas, 4,773,000 barrels of natural gas liquids and 3,041,000 barrels of crude oil. This compares to 102.1 Bcfe of proved reserves as of December 31, 2006, for an increase of 60%. Natural gas and natural gas liquids represented 89% of year-end 2007 total proved reserves and 77% of total proved reserves were classified as proved developed. biz.yahoo.com Market cap is 125.87MM. Debt is 240MM. The pfd was about 3MM shares at 50 now worth 29. Annual div is about 8MM. The current mkt cap values EPEX reserves at 77 cents per MCFE. The reserves may be worth zero with current management unable to operate profitably but what would those reserves be worth to a good operator? I'm sure Prof. Frank would also like your input. TIA, John

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