TB,
Well that is start. However, on the down side he has diluted the stock by nearly a billion shares. We went from approximately 895 million shares to 1.70 billion shares or roughly a 50% dilution. That stinks. My guess is we will be in for a reverse split if and or when they ever make any money.
What is of interest is the following statement:
“Initial production rates are anticipated to be in the range of 0.5 to 1.0 Mscf per day, which at today’s prices equates to a netback to the company of approximately US$90,000 to US$180,000.”
On the natural gas side PPTL is projecting five hundred to thousand standard cubic feet per day of natural gas per well. The question is how many wells can they drill on the properties? From what I can tell have identified five drill zones, but have not quantified the number of wells per zone.
They have blended the oil and gas reserve numbers together so it is almost impossible to calculate the approximate value of the oil sands by itself. Moreover, since we do not know the number of wells for either oil or gas it is not even feasible to speculate. I am not sure why they did this. Why not make it clear what the projections are for both oil and gas on the existing properties? Unless of course, they oil portion is not what they had originally thought it would be. Just my speculation there.
I had heard through the grapevine that they projected oil reserves to be in the $250 million range. The financial statement they provided does not give any indication that this is true.
So, what we need to know, and what I have repeatedly asked for, is two things. First, how many projected gas wells? Second, how many projected oil wells and at what production rate (BOD).
The goal, for those in Bruce’s favor, should be to get the answers to the questions above. If that is accomplished then perhaps we can hang a value on the company and then translate that into share price value (hopefully it turns out to be more than what most of us paid for this dog of a stock).
Greg
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