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PMHJ $50B Oil Deal Valuation?.....

http://www.investorshub.com/boards/read_msg.asp?message_id=12472023

Posted by: philg
In reply to: None Date:8/5/2006 12:49:29 AM
Post #of 975

If one reads this PR very carefully, (and it's a very confusing PR) it states IMO that this deal for PMHJ is potentially worth at least 1.35 BILLION dollars if oil is at $75 a barrel. The other scenerio is that it is worth MUCH, MUCH more!! Am I reading it wrong? Please tell me.

8/2/06 - PrimeHoldings.com Inc. (Pink Sheets: PMHJ), a diversified holding company with early mover initiatives in the oil and gas industry, today announced it has entered into a letter of intent to acquire the drilling rights of a 30-mile extension of the Anton-Irish field, a prolific Lower Clearfork Reef oil field that has produced over 220 million barrels of oil since its discovery in 1946 by Humble Oil.

"In 2001, the current operator of the Anton-Irish field, Occidental-Permian, began drilling into the Wolfcamp dolomite. To date they have 33 new wells that have produced over 6 million barrels of oil," (6 million barrels of oil times $75 is 450 million dollars) stated Thomas Aliprandi, CEO of PrimeHoldings. "The leasehold has been compiled using well log data from deep wells drilled in the area, seismic interpretation and radiometric surveys. The extension reef structure mapped is over three times the potential of the Anton-Irish reef," Aliprandi continued. Is the "Anton-Irish reef" the same as the Anton-Irish field"? If so, look above "220 million barrels" and now he's talking about 3 times more than that....220 million times $75 a barrel, then times 3 is an insanely rediculous number. My calcular can't calculate it.http://biz.yahoo.com/bw/060802/20060802005819.html?.v=1