shot me down?

holders, starting to really get excited, want to discuss the reserve upgrade seeing as quite a few holders seem to feel this will be within roughly 2 weeks.

I would like to put a figure forward as a guess, shoot me down if you will, but i think the upgrade isnt significant, it will be huge, not like the revenue increase we just had of 28%, i put forward a figure of 385% as a very rough guess and much of this will be in the 1 or 2P range.

this is a chart that was presented on the Singapore Investor Presentation

Reserve Position as at June 30, 2009
Project Acres 1P Bcfe 2P Bcfe 3P Bcfe
East Oklahoma 110,000 0.0 1.4 23.6
West Tulsa 15,000 10.3 38.8 50.4
Osage 5,000 12.1 32.5 32.5
Total 130,000 22.4 72.8 106.5
Net Revenue A$m 87.6 280.6 468.0
PV10 A$m 20.4 101.5 189.2

ok were do i start, the date of these reserves is 1/9/09, this is obviously before we had purchased the additional 60000 acres at EOK South. This alone will have a massive increase on our reserves, mostly at 1P or 2P, the drilling of well Scott#1-24 recently on a 640 acre spacing clearly appears to be aiding in the grading of the reserve.

EOK North as of 1/9/09 was untouched, this would have accounted for some of the 3P reserves, but following the 3 successful drills at this site and the completion operations on Posey#1-24 occuring now, this site will not only greatly increase reserves but move it into the 2P category at the least.

EOK Central has seen the most active drilling for the past year, the most recent wells being Clemmons#1-9 and Peper#1-21 both intersecting 55 feet of shale at less than 600 foot deep also on 640 acre spacings, EOK Central reserves should increase significantly on the wells we have drilled in the past year, and more importantly this has to be classified as 1P reserves.

West Tulsa, recent well Mobieus#2-28 is 2700 feet further from the next closest well and discovered that the oil zone is bigger than thought and also found a new gas bearing zone, news keeps getting better.
with the wells drilled in the past 12 months, West Tulsas reserves will not only increase in size but will surely have alot of existing reserves move to 1P and 2P.

thats my case, i know its a large number but can anyone bring me back to earth.
this is the big one in my mind, this will have an enormous initial impact on our SP but i wont hazard a guess there, i have had 3 strikes, im out.


GO RFE GO RFE GO RFE