something to go by, page-2

Whats it worth?
Really depends on many factors doesnt it?

Recent tradings showed highs of 0.43c and 0.40c
Crude goes up Oilers go up, crude goes down oilers go down. A lot of mum & dads selling also towards xmas for some extra cash for hoildays or whatever.

Smegsy-1 is worth about $5,000,000 i.e. 25% to EPE, I wouldnt call that modest considering their a junior oiler. They only have small issue of approx 58 mil.

Yellowbank 4, is directors guesstimate of approx 300-350bbls per day, they get AUD$50 per barrel. YB4 is estimated at 5.2 mmbo. EPE get 85%, reverts to 50% after pay-out, which cover drilling costs.

The well has been cased and suspended. Future plans are to move a beam pump onto the site and find a suitable work-over rig to perforate the casing and equip the well for production. Storage and load-out facilities are in-place at the Yellowbank Creek-2 location, which is only 400 metres west of the Yellowbank Creek-4 site. It is planned to run a gathering line from the No. 4 well to these facilities.

They expect to get YB4 on-line before xmas, infastructure is already there and waiting.


Overall Value..
cash in bank ================= $5,000,000
25% for Smegsy-1 ============ $5,000,000
50% for YB4 1mmbo at AUD$50bbl =$25,000,000

= $30,000,000 / 65 million shares (fully diluted)

= 0.46c per share.



tp