New here, but love the basic model at work: buy low, sell high.
I've been catching up with the board's past posts, doing my own DD and piecing together the assorted bits and pieces. With regard to the PR below, does anyone know if the company ever followed up on this PR with a confirmation of the Geosystems report?
02/23/07
The proven oil reserve as submitted by Geosystems Engineering, Inc., Dallas, Texas to Hemi Energy Group, Inc. (Pink Sheets:HMGP) is 2.15 million proved BOE and the probable reserve of 5.1 million BOE for Hemi's five leases in Woodson County, Kansas. The total potential reserves are 7.2 million Barrels Of (oil) Equivalent for this report.
Hemi does not yet have the formal written report, therefore, we are releasing only the basic conclusions of the reserve report about the proven and probable oil reserves in BOE's for only the five Woodson County leases with mature oil wells. Hemi is very excited about the conclusions for both of the oil reserves in the report. However, Hemi needs to see all of the information, including geological make up of the formations, engineering reports, economic and valuation variables along with any other pertinent data, before Hemi accepts the formal independent geological reserve report. After Hemi management has had an opportunity to read and study the entire written report they will release any additional information which is relevant to the oil reserves on these leases in Woodson County, Kansas...
