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Gold/Mining/Energy : Western Logic Resources WLT-VSE $$$
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To: John Korven who wrote (38)11/15/1997 5:43:00 PM
From: diddlysquatz  Read Replies (1) of 112
 
John, this property in Nevada has tremendous potential. When Gulf Oil was actively exploring domestically, this Long Valley property was one of three high priority areas. The other two were eventually drilled by other companies and were huge successes. One well tested in excess of 10,000 boed. There is little doubt there is oil on this property, the only question remains is there enough to make it economical. What I find interesting in the last news release is that the property owners were willing to take all stock, (no cash) and an overiding royalty for the property. If the project flops the owners will get somewhat worthless shares. Obviously then this implies that they are quite optomistic that the drilling will justify higher stock prices.
As the release states there is potential for over 1000 boed. I beleive there is spacing for 12 or more wells so the significance of that kind of flow rate is huge. Let's keep our fingers crossed and hope they start drilling soon.

Cheers,

Paul
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