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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: grayhairs who wrote (3521)	7/15/1999 1:02:00 AM
From: Salt'n'Peppa	Read Replies (1) \| Respond to of 15703

Good evening Grayhairs, I have to say, as you did, that with respect to all the "Interest" figures quoted by EJ in their tables, I find a few discrepancies also. I must point out that I think we are splitting hairs (any colour!!) here. These are highly mobile stocks we are talking about. To try and place such accurate valuation on them for trading purposes, relative to one another, seems to me to be analogous to measuring your teaspoons of sugar to the grain, and thus overkill. Maybe this is the engineer in you shining through! tease I think that the EJ tables provide close enough figures for most investors to be able to comfortably establish their positions in ELH according to their own risk/greed tolerances. I have not read any APO figures for Hilton. I have only seen those figures quoted on their latest NR, stating 12.13% interest in ELH. I am assuming for myself that this is "gross working interest". The KOB understatement in the EJ table requires a +1.4% correction. As I understand it, ELK has 6.34375% in the first well and 7% in all other ELH wells. They are slightly overstated by EJ. Does Prima even have a case against PYRX? It seems clear to me that they voluntarily backed out of the sidetrack on Bellvue #1, thus relinquishing their interest. Then again, I haven't seen their contract - even if I had, I probably wouldn't understand the "legalese". <<< Given that I have my Viagra money riding on this, I'd sure sleep better if I knew that the EJ numbers are accurate !!) >>> I thought the idea with those little pills was that you did a little less sleeping... Pleasant dreams. S&P

To: grayhairs who wrote (3521)	7/16/1999 9:48:00 AM
From: Check	Read Replies (2) \| Respond to of 15703

Good Morning Grayhairs, I was in the middle of responding to this message yesterday when I run out of time. I will not make the same mistake today - except to agree with you once again: <<The APO interests are just a real b*tch to sort out and my feeble old mind has not yet been able to duplicate the interests presented in the EJ tables.>> Amen! As you point out in #3533, there seems to be some degree of confusion about APO and BPO here, which is further complicated by the fact that some participants are partially or completely carried through the first well(s) on the various prospects, thus resulting in different APO's between the first and subsequent wells as well. Well, you can see why I don't want to get into that, nor the details of the averaging formula I use to calculate the APO and Net Rev. interests once I've stripped out the 'misunderstandings'. Even at that, these are pretty subjective calculations as I have not read the hundreds of lease agreements involved, (and I understand the royalties vary from one to the next), and also at this stage, the areal extent of the reservoir is anybody's guess. In this sense, I don't think even the companies involved could come up with a precise and definitive % numbers. Suffice it to say that a little UNIFORMITY in reporting would HELP. There is less excuse for not getting the fully diluted number of shares right, nor for reporting vaguely or not reporting the various side deals being done. (gggrrrrr.... to a whole lot of you) Finally guys, to asses the impact on a $1,000 investment properly, I find it useful to start out with some realistic present worth number, another subjective measure which could get me into endless arguments. As an example and at the risk of chitting in my own nest, as my father used to say, I find that a 1 TCF find at the ELH would have the highest impact on the share value of ELK,(even though the little rascal shed an antler of it's APO interest somewhere and stayed typically mute about it), whereas the same find is already pretty well discounted in the shares of PYRX following its recent run-up and is more than discounted in the value of TMK (i.e. negative), which I recently bought a mittfull of.(well by my standards, anyway) Check it out and have a great day P.S. <<5) WML's APO interest is 8.025% (versus the 9.2% indicated by EJ).>> This seem quite a bit higher then what the company claims in their public filings (i.e. 9.5% BPO, 7.125% APO on Bel. #1 and 7.5% in the rest) Did they inherit something form Prima or does it include the portion that reverts to Armstrong?? Still, if they'll keep lagging while the rest go up, they'll be a good relative value soon.