Respectfully I would like to ask you, why WGAS keeps mentioning entire block of VM-179 and its potential in PRs if they don't own all of it? And how much is all of it so shareholders can tell what would be the percentage that WGAS can potentially sit on? Thanks for your help.
For instance, it was reminded in last PR that
"The 2012 Reserve and Economic Evaluation on Vermilion Block 179, issued by James F Hubbard Petroleum Consultant (JFH) of New Orleans, LA, shows Gross Proved Reserves of 784.3 Thousand Barrels (Mbbl) of Oil and 2,215.4 Million Standard Cubic Feet (MMSCF) of Gas, and Net Proved Reserves of 407.6 Mbbl Oil and 1,151.5 MMSCF Gas with a Projected Future Net Revenue of $36.7 million and a Discounted Future Net Income of $20.3 million (PV-10). The report also shows Combined Gross Total Reserves for VM 179, both Proved and Probable, of 2,129.7 Mbbl Oil and 4,237.9 MMSCF Gas, and Net Total for all reserves of 1,106.9 Mbbl Oil and 2,202.7 MMSCF Gas with a Projected Future Net Revenue of $97.7 million and a Discounted Future Net Income of $55.1 million (PV-10). The Gross Reserves referenced above are to 100% working interest in the lease. The Net Reserves and all income data are to the net interests owned by Worthington. Appropriate deductions have been made for royalties and overriding royalties."
Hope I am making sense...
And isn't VM-179 105 ft. (10-story building if you will) deep only? ....
IMO, they need to be more specific going forward...if this is all legit...
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