GREY:WSCEE - Post by User
Post by
cerebuson Jun 16, 2005 9:55am
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Post# 9167834
Genoil
GenoilIt is interesting to see another Company in the development stage with upgrading technology. They are obviously further ahead than us as they are in the process of developing a commercial upgrader through a joint venure.
From a review of their recent financial statements:
The cost of their pilot upgrader $3.7M (WSCE projection - 500K - 1M)
Operating cost of upgrader - $800K Q1-05
Fully diluted ~ 224M (~ 4.5 times WSCE)shares currently trading at $0.32USD
Assuming our technology is comparable (hopefully better) then obviously we are currently undervalued just based on Ellycrack which has been proven on small scale (Norway Viscositor)
I think the boys out west might be right when they keep saying we are sitting on something big. Heavy oil upgrading technology sure looks like it is a hot area right now. Genoil confirms the value that can be realized when heavy oil is upgraded.