Sunday, December 10, 2006 11:31:40 AM
The assumption, however, that “TMR has decided not to continue drilling on BLMC property” is misleading. Your conclusions based upon that fallacious assumption are thus inaccurate.
TMR wanted to lease BLMC property, but BLMC decided not to enter into leasing arrangements with TMR.
TMR still has BLMC acreage under production and under the secondary term of lease.
Per the 3rd quarter report, BLMC recently granted “two new Oil, Gas and Mineral Leases.”
Based on recent filings with the Louisiana Dept. of Natural Resources, Manti Exploration is planning new exploration on BLMC land: http://sonris-www.dnr.state.la.us/sundow...
This is significant since Manti is a highly reputable operation having extensive and impressive experience in oil and gas exploration. See: http://www.mantires.com/
Note that Manti has extensive experience on BLMC land (BML 1 and 3 Wells).
I plan to address your BLMC questions and valuation analysis in upcoming posts. However, I’m inclined to prepare a more in depth response to your queries after BLMC issues its annual report which is scheduled for release on 2/23/07.
I look forward to further dialogue with you.
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