One awesome revelation at the EDEX investor meeting IMO!
This is a positive step for EDEX to begin yet another project and VTYE IMO. So while written with a VTYE flavor it should be of interest to all. Note the free ride EDEX gets for their efforts todate...awesome...
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 VTYE not only has a JV position in the current EDEX Mesa Project that many of us know, follow, invested in, and are excited about but it has now 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 EDEX and Victory. The first exploration is said to be around end of 4Q/1Q07.
This is another PIP influenced major find/project. I see it as 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 and add more details as it sounds like he was there – always do your own DD. Just reporting folks...do have positions in EDEX, VTYE, and TRSI.
So any thoughts? Hellova a way to start the day - good news for two companies many of us have interest in.
zagdad
