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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed
MTEI 0.003600.0%Jan 16 9:30 AM EST
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To: Thomas C. White who wrote (4083)6/29/1998 2:22:00 PM
From: eric deaver  Read Replies (2) of 11684
 
Mr. White,

In general I do not contest your posts (since I'm not an accountant) and have found them very interesting. Personally, I do not really see the relevance of this whole discussion on book value of the company given the current share price, and the ongoing definition of the company. One issue of relative importance is the definition of proved reserves. You said:

<<Typically this cannot be done until properties are actually producing and fully delineated, that is, you have a good idea how much they're worth.>>

More specifically, DOE says:

"The EIA defines proved reserves as those volumes of
oil and gas that geological and engineering data
demonstrate with reasonable certainty to be
recoverable in future years from known reservoirs
under existing economic and operating conditions.
Proved reserves are either proved producing or proved
nonproducing (i.e., resident in reservoirs that did not
produce during the report year). The latter may
represent a substantial fraction of total proved
reserves."

Also shouldn't this statement:

<<So, you don't know in the case of MTEI how much of a premium over book value you're paying.>>

Read:

"So, you don't know in the case of MTEI how much of a premium or discount over/under book value you are paying."

I would agree with that statement from an accounting stance. Seems like most of your post confirms what everyone has been saying. We truly will not KNOW the value of these assets until Stagg's reports are released.

Eric
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