Antrim Energy Inc. ATGYF

RE: Oilexco vs. AEN

[barsax]

allan: You've been registered at SH for about a month. Many of your posts reflect a deep sense of disappointment with the quality of other poster's contributions. You like to berate others and degrade their input. These are your shortcomings. For the moment I'm going to overlook these shortcomings. You have picked-up on a theme in regard to OIL's market cap based on booked reserves. This theme was a favourite of a certain poster named good40 over on the public OIL BB. As you correctly point out OIL only booked an additional 6M barrels in 06. This, in spite of the fact that a number of appraisal wells (Shelley 22/2) were drilled prior to the end of 06. Those appraisal wells added nothing to the Sproule RR. So, are we to conclude that there are no reserves there? In early 07 Royal Bank of Scotland greatly increased OIL's line of credit so OIL could proceed with project finanacing. Shortly after that OIL ordered (5 year lease?) a floating production vessel (Sevan Marine). The contract was for several hundred million dollars (much higher than the previous line of credit). Without a doubt RBS would have seen the Shelley drilling results/data. I don't believe they would have increased OIL's line of credit several fold if they didn't believe Shelley contained economic reserves - reserves that didn't make it on to the RR. Nevertheless Art is proceeding with Shelley field development. He told the AGM that Shelley would be producing in 08 - I was there, so was GS, so were quite a few posters from the $ART BB. Kildare also didn't add anything to 06 RR. Art indicated that Nexen was so interested in Kildare that they would be doing the next appraisal drilling there, not OIL. Then along comes Huntington. I have no doubt that the 07 RR will contain few, if any, reserves from Huntington. Because there is no approved field development plan. However, the market is now waking up to the fact that Huntington is huge. What is also huge is the adjacent block to the west where OIL has a 72% (73%) interest (they also have an interest in the block to the south). All members of the $ART BB knew that Huntington was huge two months ago. The point is the market anticipates the future, whereas reserve reports tell you what the company has accomplished in the past. The fact that RBS has given OIL the "green"light to proceed with Shelley tells me all I need to know. They have better inside information than you or I will ever have. I personally believe OIL's 2P reserves to be much, much higher. But who am I? The only things I control are my personal investment decisions, and so I invest in OIL based upon my belief that OIL's reserves are understated. The market tends to agree. Returning to my opening remarks. I suspect that you will, once again, be disappointed by my comments, and the comments of others. I hope not, but I can't control that. regards barsax