How does one get a buyer for a small oil company when it costs so much to "prove" it's worth??? Like buying a $50,000 Jag on Ebay, then taking delivery of Big Wheel......which is probably more dependable transportation, BTW.....
"These geologist reports are like doctors opinions, sometimes it is best to get second or third opinions. They are useful tools but far from perfect. The only way to get perfection is to drill holes and extensively log them with the best logging methods (Sclumberger) on the market. Yup, this logging is insanely expensive and of no value to anyone but us in the business, but it is exact and very little margin for error if done correctly. This is one reason I have to laugh when I see some little company having a gazillion MCCF or BOD of "probable" reserves and the market goes nuts. Probable means just that, and is a far sight from PROVED and PROVED is what we work off of."
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.