TSXV:NMG.H - Post by User
Comment by
hjangelon Jul 05, 2008 11:53am
308 Views
Post# 15260504
RE: Was this a GOOD THING???
RE: Was this a GOOD THING???By the date of the purchases, would think this had to do with oil shale as GNZ announced results of 53-101 contingent resource calculation for their 50% owned Pasquia Hills oil shale project on May 2/08...
..."The reported area of Contingent Resources underlying the Corporation’s oil shale permits is estimated to be
approximately 71 sections (45,670 acres or 18,482 hectares) which results in an average oil shale thickness
of 22.76 metres (75 feet) and covers the southeast portion of the Corporation’s permitted lands...
"Chapman Petroleum Engineering Ltd. has reported to management the following estimates of gross
Contingent Resources for the Corporation’s Pasquia Hills oil shale permits:
• Best Estimate: 2.194 billion barrels oil (distillate product)
• Low Estimate: 1.874 billion barrels oil (distillate product)
• High Estimate: 2.514 billion barrels oil (distillate product)"
Word to the wise, bashers were all over the term "contingent resources", which are defined in GNZ's report as "uneconomical resources", which they are until such time as the exploration process is completed and has defined a substantial resource, followed by the right commodity price coupled with the application of efficient production technology and viola...the transition from exploration to development of a very economical resource :)
NMG's oil shale project is 100% owned, the company owns the technology license and the thickness of the shale in the cores exceeds GNZ's:
From Nov/07 NR -
"Depth of oil shale Depth oil shale ends Black oil shale Depth hole ended
Hole No. intersections
NHA 1 82.3 m (270.0 feet) 135.3 m (443.8 feet) 53.0 m (173.8 feet) 201.8 m (661.9 feet)
NHA-2 84.6 m (277.5 feet) 131.1 m (430 feet) 46.5 m (152.5 feet) 155.4 m (509.7 feet)
NHA-3 67.1 m (220.0 feet) 144.2 m (473.0 feet) 77.1 m (253.0 feet) 192.0 m (628.8 feet)
NHA-4 127.1 m (417.0 feet) 194.8 m (639.0 feet) 67.1 m (220.0 feet) 210.3 m (690.0 feet)
NHA-5 125.0 m (410.0 feet) 189.0 m (620.0 feet) 64.0 m (210.0 feet) 231.6 m (760.0 feet)
NHA-6 144.8 m (474.9 feet) 210.3 m (690.0 feet) 65.5 m (214.9 feet) 246.9 m (810.0 feet)
NHA-7 135.6 m (444.8 feet) 176.8 m (580.0 feet) 41.2 m (135.0 feet) 257.6 m (845.0 feet)
NHA-8 138.7 m (454.9 feet) 188.1 m (617.0 feet) 49.4 m (162.0 feet) 268.2 m (862.0 feet)
NHA-9 157.7 m (517.0 feet) 224.8 m (737.0 feet) 67.1 m (220.0 feet) 237.7 m (780.0 feet)
Thenine-hole drill program illustrates that the oil shale formationunderlying the three oil shale exploration permits located nearTisdale, Sask., extend at least 19 kilometres (11.8 miles) in anorth-south direction and 14 kilometres (8.7 miles) in an east-westdirection. Substantial depths contained hydrocarbons varying from 41metres (135 feet) to 77 metres (253 feet)."
Appreciate the post of the insider buying info as it seems management may have been buying because they knew they had a GOOD THING coming down the pipe in the report on analysis of oil shale cores !!! Now possibility of coal too - could be theres real exciting times ahead as this tightly held sleeper wakes up guys - enjoy : )
GLTA - HJ