While many here focus on coal, I got into this stocklong ago because of its oil shale. I think the oil shale value on itsown gives NMG a share value into several dollars. The icing on the cakeis the technology, which it too can bring share value an additionalseveral dollars. There is still work remaining to bring this value toreality, but as progress is made the share value should reflect theprogress.
The company news below should give anindication of what may be expected in oil shale value. As you read inlast week news, the company retained Mr. Downey to prepare a reportrelating to the Baseline Laboratories results on the tests hecommissioned. NHA is awaiting a final copy of his report. Let’shope the report is released very very shortly. The report may shademore light on some of the details menetioned in the news below.
Noble Metal acquires Crown property in Saskatchewan
2007-08-21 14:18 CT - News Release
Ms. Dorothy Dennis reports
NHA LAND ACQUISTION
NobleMetal Group Inc.'s subsidiary, Noble Hydrocarbons Alta Ltd. (NHA), wasthe successful bidder of oil shale exploratory permits on blockSHP-8001 in an auction conducted by Saskatchewan Industry and Resourceson Aug. 13, 2007, for the sale of petroleum and natural gas rights,sale of oil sands rights, and sale of oil shale rights. The salecontained lands being offered in the first-ever bid process for Crownoil sands and oil shale rights in Saskatchewan.
Block SHP-8001consists of 37,980 hectares (93,851 acres) located near Hudson Bay,Sask., 36 miles east of NHA's other exploratory permit lands of 28,447hectares (70,294 acres) near Tisdale, Sask., giving the company a totalof 66,427 hectares (164,145 acres) of exploration-permitted lands. Thewinning bid requires a commitment by NHA to spend $1,000,017.35 ofeligible work on the newly acquired permitted lands in the first twoyears of the exploratory permit.
The lands covered by theexploratory permit are believed to have been previously and extensivelyexplored by Western Petrochemicals Corp. of Calgary, and formed thefocus area of that company's drill program. Western Petrochemicalsspent approximately $2-million, which included 45 drill holes, toevaluate the core area of its oil shale deposit. The company's consultantsadvised that the core area, consisting of approximately 100,000 acres,indicated a geologic resource of 4.3 billion barrels of oil, with acut-off grade of 4 per cent hydrocarbons and an average grade of 7 percent hydrocarbons. The oil contained 58 per cent natural aromatics, ofwhich 45 per cent was benzene -- both valuable petrochemical feedstocks. The resource calculation was 117 million barrels measured oil,350 million barrels indicated oil and 3.9 billion barrels inferred oil.
Dorothy Dennis, chief executive officer, stated: "We have had a keen interest in acquiring this property for some time. This acquisitionis a major development in the growth of our company with the potentialto double the size of our oil resources on which to use the InsituHycraft and Cracking Hycraft technologies to extract oil from the oilshales."
NHA has a 10-year licence agreement from Global Resource Holdings LLP for the use of the Hycraft technologies.
We seek Safe Harbor.
GLTA - HJ