Form 10-K: Dingo Gasfield only 18 Bcf NOT 30 Bcf as reported by CTP!, page-3

Wow you have it wrong my friend Speculator101.

Dingo is an almost worthless field. It has Zero 1P reserves. The more recent reports from Magellan suddenly state PROBABLE reserves of up to 30Bcf.

That is such a tiny tiny gas field that will never be connected to the eastern states ever.

What concerns me is that in 1996 the Consortium of owners of Dingo said that Dingo had only 18Bcf. Now that Magellan want to sell it, we see a new number pop up at 30 Bcf. Impossible to increase 50% with no new drilling and nothing more to drill as it is a small field where the last well was dry. There is hardly anything left to drill downdip between Dingo 3 and Dingo 4.

The Palm Valley field which is almost finished has only 11BCF of Proven reserves. PROVEN! Do you know what is the difference between proven and probable? The thing is we may only have 11bcf of gas there at Palm Valley and very little at Dingo.

We paid way too much for both these fields. They are almost worth nothing as they both combined only have 11 BCF of PROVEN gas. This is almost nothing. So why did we pay so much for all this?

Do you know how small 11 BCF is my friend?