Saturday, March 17, 2007 12:28:37 PM
Their net revenue position on their leaseholds is terrible. Some of that is due to their assigning ORRI to related parties. If that ORRI was eliminated then the net revenue position would improve but some of the assets - wellbores - are in terrible shape. I don't think an audit would be required to find a buyer - anyone in the area knows what those leases should be doing, but I don't expect any one in the area would be a buyer... after all, smart folks were lining up to dump their problem children in the first place.
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