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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (2888)	6/22/1998 2:39:00 PM
From: jhild	Read Replies (2) \| Respond to of 11684

How soon we can forget some very critical issues. We are all familiar with the "implied" claim by the company that they have and I quote here: Reserve estimates by the U.S. Geological Survey (''U.S.G.S.'') indicate in excess 10,000,000 tons bituminous coal. Here we have a press release from Last November, when coal prices were higher I might add: archcoal.com St. Louis, Mo. - Arch Coal, Inc. (NYSE:ACI) announced today that it has reached a definitive agreement to acquire low-sulfur coal reserves in Boone County, W.Va., from Oglebay Norton Company (Nasdaq:OGLE) for $6.0 million. Consummation of the transaction is subject to customary closing conditions and is scheduled for Nov. 24, 1997. The reserves lie on a 12,000 acre tract of land adjacent to Arch Coal's Hobet 21 mining complex. The Hobet 21 Camp Creek deep mine is currently operating on a portion of the acquired property under a lease with Oglebay Norton. The acquisition creates opportunities for future development and expansion of existing operations at the Hobet 21 mining complex. From the Arch Coal 10-K filed March 17, we have: In November 1997, the Company acquired approximately 23 million tons of low-sulfur coal reserves* adjacent to the Hobet 21 Complex for $6 million.* www4.edgar-online.com So what we have is an established company, buying more than twice the stated reserves, made by even MTEI management, for $6M. But fancifully we are able to get to an astronomical $200M figure, through God knows what kind of calculation. What am I going to believe? An open market purchase by an established company in the coal business in West Virginia, or a back of the napkin estimate by a couple of oil and gas guy wheeler-dealers in Houston, Texas. You make the call. $3M/70M shares = 4›'s/share in my book. This was originally referenced and discussed by Richard Pleski, who should get the credit for finding it. (See #reply-4780677) The responses to his post are illustrative the attitudes faced by any who dare to speak out and ask questions about this stock.