this man must think that we're all complete morons
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CONROE, Texas--(BUSINESS WIRE)--Grifco International, Inc. (OTC Pinksheets GFCI) announced today the exercise of its option for 100% of the working interest ("WI") and 75% of the Net Royalty Interest in 208 gas leases located in the Permian Basin geologic formation in Crockett County, Texas. The Permian Basin is the 6th largest known producing, proven and probable recoverable hydrocarbon basin in the world--larger than the North Slope Alaska USA.
Under the terms of the option, the Company will begin spudding on 7 drill sites in the next 30 days. Each drill site will take approximately 2 weeks to complete. It will take another 2-3 weeks for commercial production.
The proven reserves of gas in the 208 drill sites are 109 billion cubic feet based upon an expert geologist report. The closing price of gas on the New York Mercantile Exchange as of December 8, 2006 was $7.56 per cubic foot of gas. Cost of the option, drilling and production costs is estimated at $1.75 per cubic foot.
There are five different pay zones with the first 6 wells targeted in the shallow pay zone at 5,000 ft. Other pay zones are located in the geologic formations composed of San Andres; Canyon Sandstone; Pennsylvanian Strawn Limestone; and Ordovician Ellenburger Dolomite. The cost of drilling in deeper pay zones is higher than in shallow zones.
The net proceeds from the 7 drill sites will be used by the Company to expand drilling operations to the remaining 208 drill sites and to finance the repurchase up to 25,000,000 of its shares in the public market place.
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75% * (7.56-1.75) * 109,000,000,000= $474,967,500,000!
That's four hundred Billion in profits! All for the low low price of just $1,950,000
thats a return of 243573 or about 24 million percent!!!
WHOOOOOOO HOOOOOOOOOOO
Like I said, he must think we're all freaking daft
