Lucas Energy has similar proven oil reserves (1.5 vs 1.6 million) and the Company only is valued at $30 million and it has NO debt. therefore NCEYQ reserves can't be worth much more than $60 million by those same calculations (NCEY paid $33 million for 1.3 million of those reserves when oil was $60)
Lucas Energy, Inc. (LUCE.OB) – Independent Firm Confirms the Company’s 1.5 Million Barrels of Oil in Reserves
Tuesday, May 15th, 2007
Forrest A. Garb and Associates, Inc., an independent licensed petroleum engineering firm, reported that Lucas Energy has approximately $67,363,580, or a discounted PV-10 of $35,941,320, in undiscounted future net revenue existing in their reserves.
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