Badge - let's take your point a little further... Per KA's own financial statement:
Uncategorized Income (hedging, asset/lease liquidation) 746,231.79
$746,231.79 - $475,000 (WYO lease sale) = $271,231.79
Now, how many here believe KA or Hemi was able to turn a $271K profit from "Hedging" in 2008???? I think this $271K of additional revenue is from other "asset / lease liquidations". There just wasn't a PR for those.
Which of Kels "asset list" does Hemi no longer own??? You sure can't find a listing of Hemi assets on their website.
Holdings
> Barnett Shales lease (along withpassive revenue agreement)
> Sabine Lease (TX)
> Bakken Lease (ND)
> New Mexico Lease
> Remaining SEK lease (High Gas potential?)
If you try to value the remaining SEK Hemi leases, once again look at KA's own financial statement where he shows two SEK leases that were acquired in 2008. How much development has there been to make these worth more than acquisition cost? Zero - no wells were drilled on these leases.
Driskell, Lila Ann Lease (acquired) $987.50
Heckman Lease (acquired) $2,054.25
