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Gold/Mining/Energy : Tusk Energy (TKE)

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To: kingfisher who wrote (997)	11/26/1998 4:43:00 PM
From: RIK	Read Replies (3) of 1207

<<<<Now if Tusk has a average stake of 25% in this unit and with a potential of 45million boe remaining to be produced this implies that Tusk potential proven and probable reserves at Meekwap can with more drilling rise to over 11million boe.At $5 per barrel in the ground value we are talking a pretty serious market cap potential.>>>> I really and truly hope that you do not believe that the above comments are even remotely possible. The Pan Atlas website indicated that the pool has an total oil in place of 80 MM bbls. FYI , only a portion of these reserves are recoverable …….I am not sure what the pool recovery factor is , but 50% is probably not too far off. Pool production of 35 MM bbls indicates that approximately 44% of the original oil in place has been produced to date. To be more blunt this pool is on the ‘ass end' of its production life. If Tusk et al are successful in adding to the total OIP (oil in place ) numbers , then its life will be extended. If your intention was to mislead individuals that are even more naïve than yourself please disregard this post.

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