From todays Southwestern Showcase Investors Conference...
DeGolyer and MacNaughton is the company doing the resource study on TXCO's oil sands project... http://www.demac.com/ "Worldwide Petroleum Consulting"
TXCO expects to have the third party independent numbers available to publish by the end of the year!!
Also, Re: the tar sands...
- We believe that our current shareholders, and certainly reason for future shareholders, to expect that there will be significant opportunity for appreciation for new growth and value as this comes to the table. -
TXCO...Oil now over $98/bbl! The third party (DeGolyer and MacNaughton) resource study is due out by the end of the year.... 2-3 BILLION barrels of oil (tar)?!?!
It just seems interesting to me that TXCO is getting this study done. Here's the eye opener...If Canadian tar sands sales equaled approx $1 per barrel (in the ground) for non-producing assets between July/2006 & June/2007 when oil was trading at approx $65/bb, what price do you put on TXCO's San Miguel oil sands assets with oil now @ $98, considering the fact that they are within approx 100 miles of 80% of the heavy oil refining capacity in the United States???
San Miguel is only the tip of the iceberg. TXCO currently has over 1 MILLION acres under lease with sooooooo much more in the pipeline... http://www.txco.com/presentation.html
And speaking of pipeline, another big plus for the company is that they own 100% of a 90 mile gas pipeline infrastructure which provides them with higher netback, U.S/Mexico markets, cost savings, and multiple delivery points.
The market may be down, but oil is up. TXCO looks to have huge built in value with excellent long term potential. That's what makes this a good hold, wait and accumulate stock in my opinion. Time will tell.
BTW, I think Bob Thomae mentioned in last weeks presentation that once the Fracture Assisted Steam Technique (FAST) gets going, it becomes very, very effective.
(CXPO also looks like a good long term hold). We'll see what happens.
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