Golden Triangle Ventures Inc (GTVH)

[BigBake1]

I decided to follow up this portion of the PR as it stands out as a claim from a Government office:

For example, in 2007, the US Geological Survey estimated that there are 110 million barrels of undiscovered oil, and approximately 3 trillion cubic feet of gas and over 500 million barrels of natural gas liquids throughout the Wilcox formation.

What is interesting about this is it is word for word from another PR written in 2008:

the U.S. Geological Survey in 2007 estimated 110 million barrels of undiscovered oil, approximately 3 trillion cubic feet of gas and over 500 million barrels of natural gas liquids throughout the Wilcox Formation. Much of that would be contained in Mississippi and Louisiana, where KFG Resources is will soon be drilling.

Convenient they left that last part off, and of course another piece taken from that PR:

But the Wilcox Formation yields an average of 600 barrels per acre foot, Kadane says.

http://articles.webraydian.com/KFG_Resources_in_Search_of_the_Wilcox_Formations_Riches-article5114.html

But if you want to avoid reinventing the wheel then borrow it form another Pink that PRed the same thing back in November of 2010:

For example, in 2007, the US Geological Survey estimated that there are 110 million barrels of un-discovered oil, and approximately 3 trillion cubit feet of gas and over 500 million barrels of natural gas liquids through out the Wilcox formation.

http://www.ceoconnects.com/matrixx/2010/11/15/matrixx-resource-holdings-inc-wilcox-formation-south-texas-update/

But the reference that is used does not make such a statement, it is just perpetuated by these companies borrowing from one and another. Interesting that the Canadian company has no problem in making the info up and then everyone else just uses it without actually looking up the reference. The USGS however stated the following in 2007:

Using this geology-based assessment methodology, the USGS estimated a mean of 36.9 trillion cubic feet of undiscovered natural gas, a mean of 110 million barrels of undiscovered oil, and a mean of 639 million barrels of undiscovered natural gas liquids in onshore lands and State waters of the Gulf Coast.

Before you get excited “well at least the Oil number is correct” and they low balled the other numbers, it helps to get the entire statement. It was not just for the Wilcox Formation it was actually several formations added together:

This report presents a review of the U.S. Geological Survey (USGS) 2007 assessment of the undiscovered conventional oil and gas resources in Midway-Wilcox-Carrizo Sand strata (Paleocene-Eocene) underlying the U.S. Gulf of Mexico Coastal Plain and State waters.

Of interest is the fact that exact area being claimed for this well were assessed to be 0 by the USGS in 2007… read that again 0.. The Wilcox Slope and Basin Floor is the exact region in which this company claims to be drilling for oil see this map:

http://www.searchanddiscovery.com/documents/2009/10179warwick/images/fig12.htm

Then read the USGS assessment of that particular region and you will see in the Oil section it states clearly 0 in their assessment:

http://www.searchanddiscovery.com/documents/2009/10179warwick/images/fig20lg.jpg

It is just a series of generalized statement perpetuated by companies using a conglomerate statement issued by the USGS.