RE:RE:ANOTHER ONE CLOSE TO BITING The DUST ?Donwaan....
I recall in the early 1980s I was at an oil and gas conference in Calgary. At one of the session Jack Gallager was a keynote speaker. He was touting all the oil there was in the Beaufort Sea and how Dome would find billions of barrels. Sitting next to me was this grizzled old man. After Jack was finished, he said to me that Jack was full of BS and there were no commercial oil deposits in the Beaufort Sea. I asked him how he knew this and he said that he was in on every major oil discovery since the 1940s including the Middle East. He gave me his phone number and I called him later to get more details.
After this conversation I bought put options against Dome. It was trading in the mid 20s. Made a bundle. Over time if I recall correctly it went as low as 1-2 dollars.
So not every asset that Dome had was a prize.