Replies to post #9623 on New Century Energy Corp (NCRE)

[Trueheart]

So what do you think of Lucas Energy? LOL

Trueheart

[rubellite0013]

Fein,
I can't reply privately to questions because I an a free member. At the time of the purchase of Mustang Creek Properties for $33 million(1.3 million barrels of oil proven out of 1.6 total for company) the price of a barrel was running about $60 (I just threw that out for reference purposes).

[rubellite0013]

Update:Lucas Energy has now dropped from $3 a share down to $2.00 and change since the recent oil price decline. I am finding it harder and harder to believe that NCEYQ will survive in this environment based on a similar comparison of assets (see below). However, I'm pretty sure the share price of NCEYQ will probably spike up to around $.20 at least one more time before they cash their chips in.


Lucas Energy has similar proven oil reserves (1.5 vs 1.6 million) and the Company only is valued at $20 million and it has NO debt. Therefore NCEYQ reserves can't be worth more than $50 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.