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

To: okey who wrote (2605)	5/19/1999 11:29:00 PM
From: grayhairs	Read Replies (2) \| Respond to of 15703

Hi okey, <<They didn't pay anything to drill ELH, they were carried for their work developing the play.>> Yes, exactly my point. A private company was able to do just that before there was any confirmation of the seismic interpretation of a large structure, and before there was any confirmed reservoir seal, and before there was definitive proof of porosity at depth, and before there was any known hydrocarbon content and before there was any proven commercial viability of the deep Temblor play concept. Now, do you still really think that that same "private company" could not raise enough money to drill 3 more deep tests on comparable prospects after the blow out if they wanted to (and be carried for a substantial interest in those plays) ?? Or, do you think that maybe they wanted someone to "show them the money" for those prospects ?? <<Something you may not know, Armstrong assigned their 17.5% ELH interest to the Berkley led group in the negotiations on developing the GSJB JV.>> Of course I know that. That was public information quite a long time ago!! <<Armstrong obviously thought positive enough about the GSJB to give up their piece, for now, in order to get the development of the GSJB on the move.>> Whoa now !!! There are many ways of interpreting Armstrong's\BKP's actions and your above quoted interpretation is not at all the "obvious" one for me. There are several other interpretations that appear much more likely and reasonable to me. We could enter a great long useless debate on those issues, too. But, in the end, we'd both have sore fingers from typing and we still wouldn't know for sure why Armstrong did what Armstrong did and why BKP did what BKP did !! May your pleasant evening continue !! Later, grayhairs

To: okey who wrote (2605)	5/20/1999 12:15:00 AM
From: Check	Respond to of 15703

Hi Okey, <<Something you may not know, Armstrong assigned their 17.5% ELH interest to the Berkley led group in the negotiations on developing the GSJB JV. >> AS Grayhairs said, the Armstrong deal was "public information quite a long time ago!!" Now, what I'd like to know is how that 17.5% got multiplied into whatever accretion the various "reports" show. (E.g. Yorkton has BKP, WML and POU at something like 81% combined. The EJ chart - which I said I would not critique tonight - shows WML at 12.37% while WML claims to have a 7.125% interest in their latest PR.) More importantly, what is Armstrong's back-in. Speaking of "birds in the bush", I'll bet you there's a coin or two..... Night boys.