Anvil Resources (V.ANV) Message Board

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Gold/Mining/Energy : Anvil Resources (V.ANV)

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To: ehbear who wrote (1809)	8/17/1998 11:22:00 PM
From: ehbear	Read Replies (1) of 2214

More... Approx. #s from Renaissance 2nd Q report: Transferred from Pinnacle: cash $0 accounts payable $41 mil property, plant, equip $1135 mil total assets approx $1176 mil accounts payable $45 mil accrued liability $82 mil site restoration $21 mil long term debt $375 mil income tax $55 mil share capital $600 mil total expenses approx $1178 mil The way I see it, Renaissance bailed Pinnacle out here and got a deal on the oil and gas reserves/production as a result. In this market, it would have been pretty hard for Pinnacle to cover their expenses without selling some of their assets. I think Renaissance got the oil and gas at a discount in exchange for picking up the tab on Pinnacle's expenses. My previous analysis didn't account for the discounted oil and gas and therefore, my earlier valuation was on the low side. The value of Pinnacle's oil and gas alone could be double or more. That would make ANV's share value in comparison $7.50 or more. (closer to SD's original numbers)

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