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PGPM..HUGE ALERT..LOOK AT THE PR JUST OUT!
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[QUOTE]Originally posted by OILDOG: [QB] Look at it again, ballyman. That evaluation is for 8 LEASES. More than 1 well per lease. Would depend on the spacing allowed as to how many wells on a lease. "Given the statistics put out by the USGS for the Bend Arch-Fort Worth Basin Province this sounds to me more than just a possibility. " Read it AGAIN. The USGS study area covers 60 COUNTIES!! They estimate a 50% chance of 92 million barrels recoverable in a 60 COUNTIE area. A pretty sizeable chunk of Texas oil country! Notice they say,for example, in the Lily Hooks field, three sands are productive. They dont SAY the whole 500' is productive, but lead you there with IF. Also,these are depleted,marginal, stripper wells. May be on waterflood. Dont know, have inquiries out. IF the whole 500' were productive, remember,rock has VOLUME. Oil will occur where there is VOID SPACE. Even with say, 20% porosity (very high), that means 80% of the "acre/feet" is......ROCK. At the very least, cuts their "estimate" by 80%. Further, a billion barrel "find",even in Texas,would be HUGE if it were true. Its not. Stretches credulity beyond the limit.I cant remember when the last GIANT was found in the continental US,but think it was before my time(30+ years).The Hardeman Basin has produced a lot of oil over a VERY long time. As they state, they look for marginal (stripper)properties. Cheap. All they can afford,at least before the bs PR put a lot of sucker money in their pockets.Anyway, glad you at least WENT to their website and looked for yourself. Encouraging that I stirred even ONE person to do SOMETHING beside regurgitate that PRs crap.And, it was SO thoughtful of them to do the pps calculations for us po' dumb......sukaaarrsss! Their partner (strategic alliance)who owns 80% of the leases apparently isnt saying anything. Why? I know some farmers here in OK that bought stripper wells on their farms rather than see them plugged, pump them themselves, and produce more oil than PGPM will. :D Last year they were "talking" about Barnett Shale leases. Nothing. Wont get ANY cheap. Hot play.OVER a year ago,as BPET,they were saying the same things as now,with no results. I still think this is a "kitchen table" company. But, never can tell. They might have produced a barrel of oil,somewhere,sometime. Ill keep diggin' and keep yall informed. :D [/QB][/QUOTE]
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