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This is a small US company that has a 35% interest in a massive oil field in Russia. They currently trade on the OTCBB and are a fully reporting company with the SEC. They have filed an application to be listed on the Amex. On 12/01 Teton had 42 mmbo of proven oil reserves, with an SEC PV10 value of about $60 M. They also have about 45 mmbo of probable reserves. They have about 58 M shares out and the stock is currently trading at about US$.40. Obviously the stock is immensely undervalued. One reason for the huge discount to the SEC PV10 value of the reserves is that they have yet to become cash-flow-positive, which would prove out the economic viability of their project. Getting to cash-flow positive is somewhat difficult because they have a production payment obligation that requires that they hand over 4 million barrels of their production to their partner as payoff of this obligation, even though they are paying for the lifting costs of these barrels. For a further discussion of this production payment and how it is unfavorably distorting the income statements of the company, see Message 18134081 For analyst reports on the company, see: Torch Energy --- teai.com, Centreinvest Securities --- tetonpetroleum.com Taglich Brothers --- taglichbrothers.com. J.M. Dutton -- jmdutton.com Friedland Capital -- currentcapital.com The Teton website, tetonpetroleum.com, is a treasure-trove of info on both the company and investing in Russia and Russian oil in general. For discussion of the political issues of operating in Russia, see an article from an unknown source on the Teton website at tetonpetroleum.com, and an article from the Oil & Gas Investor magazine at tetonpetroleum.com. Would appreciate any comments on Teton or Russian oil plays in general. | ||||||||||||||
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