For those who might have missed the info regarding the enormous potential here... (for full article see http://www.grandgulf.net/operations.asp )
"Napoleonville Salt Dome Project
The Napoleonville Salt Dome has the potential to contain 520 billion cubic feet (BCF) of gas and 4.5 million barrels of oil (MMBO) from over 60 prospects and leads which have been identified so far from Grand Gulfs proprietary 50 square mile 3D seismic survey.
Grand Gulf Energy has a 34.5% interest in the Napoleonville Salt Dome Project in Assumption Parish, Louisiana. The Napoleonville Salt Dome has historically produced some 188 billion cubic feet of gas and 20 million barrels of oil. It was one of the last remaining salt domes in Louisiana without 3D seismic prior to the 50.4 square mile 3D seismic acquisition program undertaken by Grand Gulf and its Joint Venture partners in 2007. The primary targeted sands are Tex W, Big Hum, Operc, Cris R II VII, Marg Vag, Camerina and Miogyp with sands commencing at 4,000ft to 14,000ft.
Since 2007 when the 3D seismic acquisition was completed the Joint Venture has been involved in working up leads and prospects over the Salt Dome. Numerous lead and prospects have been generated, from prospects updip of existing production wells to new exploration prospects identified on the edges of the salt dome and sands under wings of the salt dome.
As of February 2010, approximately 5,700 acres of leases had been exercised from Grand Gulf and partners 35,300 optioned acres pertaining to the seismic shoot."
.... unless I am mistaken, they have no debt, $2.7million cash on hand, expected costs for the next quarter of about $800,000 (mostly these exploration costs), and about 939 million shares.
GGE Price at posting:
1.1¢ Sentiment: ST Buy Disclosure: Held
