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Microcap & Penny Stocks : MTEI - Mountain Energy - Info Only

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Oct 14 3:02 PM EDT

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To: RocketMan who wrote ()	5/27/1998 12:37:00 AM
From: Mike Ankley	Read Replies (1) of 52

To: Mark A. Jordan From: Robert H. Ulrich May 26 1998 10:59PM EST Reply #3353 of 3387 Mark, Valuations are usually done by an independent third party. Someone who has expertise in a particular field. In this case coal mining and/or oil & gas. I don't know who did this independent study, but it is a good question and hopefully this will come out in future PR's. The U.S.G.S. is a governmental agency which does not do third party evaluations. It can give you a good overview of an area and it does know where deposits of minerals are in the U.S., but it does not ascertain value. They have multitudes of maps showing where most proven mineral deposits are. As far as oil & gas goes, there are usually two types of reserves: Proved Developed (PD's) and Proved Undeveloped (PUD'S) Both have value as determined by the price of the oil & gas in the area. Natural Gas pricing in the Rockies is usually determined at the Opal Hub and other pricing for gas is determined at the Henry Hub. At the current time an MCF of gas is approximately $2.00 per thousand cubic feet. It varies a little on both sides of the $2.00 mark depending on location, time of year, associated liquids and transportation. A barrel of oil is approximately $13.00 to $15.00 per barrel and the better quality (API gravity) the higher the price. In other words, the less you have to refine the more you'll get. I am not as much up on coal as oil & gas. But the reserves are pretty much the same. Proved developed (being mined) and proved undeveloped (not being mined, but you have proven it is there). How it is evaluated is on a per ton basis and the sulfer content. The more sulfer the less value. I do not know what the price per ton of coal is at this point. I hope this somehow helped. If you have further qusetions, I'll answer them to teh best of my ability. Regards, Bob

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