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

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To: Ed Ajootian who wrote (148267)	3/26/2011 2:50:41 PM
From: Paul Senior	Read Replies (1) of 206302

Ed Ajootian. That Global Hunter report on NiMin is incorrect, or now obsolete. Fully diluted shares as reported by the company are 81M shares, not 75M. "The PV-10 of the company's proved reserves came in at $248MM or $17.97 per BOE. On a fully diluted basis, 75MM shares, NiMin's PV-10 per share equates to $3.13." There seems to me to be several pv-10 numbers depending on what's included/excluded in "proved". The company seems to say (Mar. Presentation, p.16), their pv10 proved&proved developed in 2011 is $311M vs. $215M in 2010. So I'd make pv-10 per share now to be 311/81 = $3.84/sh. Regardless, conclusion remains the same: "Whole lot of oil". I'll review to see if I want to add to my small position.

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