damn! you've got me eric! I don't know what the shi% I'm talking about. Since you served on the WVA oil and natural gas association and know probably "a lot?" then I give up. Wait a second, when I mentioned the permitting process I wasn't talking about the fee. $125-$150. You're right, it is around that, what I was referring to was the engineering fees, map work, permit application (have you ever seen a permit application? about 400 pages) that must be submitted by a registered engineer at about $250.00 per hour prep. time, not to mention the time spent in Charleston with the dept. of mines and minerals. Ground water studies, environmental impact studies. Okay, you served on the board so you know all that. While you sat in air conditioned offices making decisions about how to best serve WVA and attract outside investors, I was out in the field mining the coal, working with engineers to determine whether a gas field could be economically drilled etc. One other thing, with your reference to Ted Streit, I do not know him personally, but the way you described him "he's been working hard on those orphaned mines hasn't he" tells me that he's probably one of your friends that sit around on tax payer expense doing nothing with you. For your information, (regardless of what your friend Mr. Streit tells you) the federal government supervises the reclamation of abandoned mine lands. The agency is called AML, or Abandoned mine lands, look it up. The only thing WVA does is collect fines and see to it that federal permit requirement are adhered to. (of course you already know that being a government official) If I were wanting information about gas wells and things of that nature, especially coal bed methane, I would call Dave Matchen. Since you know so much, I'm sure you know who he is. By the way who the hell is Ted Streit, and what the hell does abandoned mine land have to do with MTEI? You wouldn't by any chance be a name dropper would you?
Yes, both Kanawha and Wayne counties have several natural gas wells. In addition, they have some of the best coal in WVA. I wish you guys would get it straight, are you mining coal or drilling wells? Look eric, I appreciate the fact that you sat on the board of the WVA..whatever, the fact remains that WVONGA was set up for the sole purpose of attracting investors to WVA. You guys are all alike, no matter what I say, you'll pull out some USGS report to contradict me. Hell yes, there is gas in WVA, it is not a gold mine that MTEI has recently discovered that no one else knows about. I don't have the time to make my case properly, but I will take the time the next day or two. Don't misunderstand me, I'm not saying that there is no natural gas in WVA, I,m just questioning what MTEI has said about the volume, profit margin, ease in tapping, etc. What's your motivation eric? Hell, I can produce government reports all day that will "prove" a particular position. The problem is however, when you try to mine coal, you may run into a problem with bad top, rolls, sulfur content, etc. etc. anyone who knows anything about coal will tell you the same thing. When you put a hole down, you face the same problems. The earth doesn't give a refund when you hit a dry hole. What was the purpose of the WVONGA? Did you ever WORK in a gas field? Did you ever WORK in a coal mine? As I said before Eric, I'm not an engineer, but I am also not a moron. I have, over the years done a little more than shovel coal on a belt line. If you want to impress all the people on this thread with your position on the WVONGA then go for it. It doesn't impress me. I've been on a board or two myself over the years, I just don't try to impress people with that fact.
In closing eric, let me say this, point out one thing that I've said that is not truthful and honest and I'll never post again on this thread. I'm not trying to bash this stock just to bash it and make people mad. I'd like to see you guys make money on this thing. The fact is however, and I think the SEC will conclude, that MTEI used USGS estimates of coal, gas, and oil reserves, as well as cost per ton vs. sale price per ton to lure investors into buying this stock. Both the USGS estimates and the profit margin on coal production was grossly overstated. (and that's an understatement) The problem with the SEC will, in all likelihood be over property valuation.
Regards,
Lonnie |
