Wednesday, December 13, 2006 7:08:45 PM
To the extent there is no gas or insufficient gas on the remaining acreage to justify leasing and drilling to any great extent, then the price at which acreage is leased becomes irrelevant. The value of a pipeline in marsh lands with little or no gas is of little value, probably not even as scrap given the cost of removal. The value of 3D seismic data on marsh lands with little or no gas probably has low resale value, if any.
Finally, the genesis of my handle name, how I learned about the stock, why I am intrigued by the stock, whether or not I own stock in BLMC or TMR, whether or not I am directly or indirectly involved in either company is hardly relevant to the fundamental question that needs answering if BLMC is to be considered a value investment vs. a speculative one.
This dialogue needs to focus specifically on trying to ascertain the results of the 3D seismic on BLMC’s remaining acreage.
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