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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (130790)	4/28/2010 8:56:04 PM
From: Amark$p	1 Recommendation Read Replies (1) \| Respond to of 206154

Yes, really liked this prior NNN report and it shed more light on the history of the Combined Miscible Drive for Heavy Oil Production. FWIW, here is the patent filed by Michael Fraim, currently a NNN senior engineering advisor with the company. freepatentsonline.com Lots of pictures on first few pages followed by text and much better info than on NNN website: niminenergy.com Per the company history, you can see NNN bought out Legacy via reverse takeover which owned not only the existing wells but also Fraim's CMD technology. Also good history of initial financing after takeover, including $1.25 offering. There are many other viable and maybe better technologies besides CMD, but that is beside the point. NNN just needs to develop and master their CMD technology to the wells they already own (and purchase new properties that fit the CMD criteria). To wit: "Legacy has identified numerous oil fields in the United States which have reservoirs it believes to be high quality candidates for the CMD process. Reservoirs which are considered candidates for the CMD process have similar characteristics to reservoirs that are targeted for CO2 or steam floods. The advantage with the CMD process, however, is that it can be used in reservoirs that are too deep to be steam flooded with conventional technology and in fields which are relatively distant from a source of CO2. Legacy plans to exploit the technical advantages of the CMD process to acquire underdeveloped assets. Since oil recovery factors are expected to be as high as sixty percent, we are very excited about the CMD process." Investors are quite right to concentrate on the PV-10 and see how undervalued NNN appears to be on that basis. That is key, but I warming up to the CMD technology as well. I surmise NNN got such a good deal on these first wells because it bought them in May 2009 from a technology company at the height of the great recession ($40 oil price) in return for promising Legacy/Fraim to continue to spend cash on CMD. Just an educated guess here... My question to you Ed, how many weeks do you estimate before NNN spuds their next Wyoming well...? (There is no mention of the next spud date in their 4/15 report). _____________________________________ prior post link to Jan 2010 report: researchfrc.com