One awesome revelation at the EDEX investor meeting IMO!
Fellow longs, while I wasn’t present at the meeting personally I have got some direct updates from the meeting and one in particular I want to share with you. It confirms what some of us have suspected or reasoned these past few weeks but not were confident enough about to discuss. BUT when it comes from the Presidents mouth I’m a believer!! Yep ----about VTYE…are ya ready? Shall I continue?....LOL…..okay, okay…
Yep VTYE not only has a position in the current EDEX Mesa Project that most of us know, follow, and are excited about but it has earned the leadership role in the Pala Duro Basin, TX opportunity discovered/initiated by EDEX and their team. In general terms I understand that the leases under control cover over 100K acres in a section of Texas that is being compared very favorably with other proven locations in TX. I’ll wait for the master data digger Badge to help us with details on what makes Pala Duro Basin attractive as I know he became a VTYE long recently. A rough sketch given of the opportunity by Tom was that it is expected to support up to 500 oil wells, that EDEX will retain a 20% share, while VTYE has 50% interest and likely responsible for the financing, development, and operation of the opportunity. My personal guess is that maybe you have to give up 25-30% interest for the money side along the way but it appears to be a fantastic new opportunity for Victory. The first exploration is said to be around end of 4Q/1Q07.
This is another PIP influenced major find/project. For me it a super additional opportunity in VTYE’s basket – Williston Basin, MT, EDEX/Mesa, and now Pala Duro Basin………for a company with 78M shares OS and a pps of .024 = less than $2M cap …and for a fully reporting company…not a pinkie….
I wonder if we will see a PR and more details soon? Hope so as President Jon was at the meeting and Tom pointed to him as the place to go to get answers on the Project.
Note: This is how I heard the update but I wasn’t present and can’t confirm with absolute certainty first hand - Tophat may confirm as it sounds like he was there – always do your own DD.
So any thoughts? Hellova a way to start the day…..
zagdad
