LGX Oil + Gas Inc ROAOF

Surprised to see...

[GreatSwami]

...Mr Good 40 still posting and patiently flogging the already dead horse ExOilCo? Way to go!

Its been a very sorry tale of woe to many who had hopes for better things and who simply did not see the whole banking system collapse until it was too late. Some were lucky - getting margin calls to get them out early - others not so lucky and held on way too long when it became obvious that the World had changed forever...

I confess to suffering a rather large meltdown in my Net Worth with this stock and realise that in the end it is really my own fault for not keeping track with the changing Macroeconomic times. But of course all these things become easier to see in the rear view mirror.

I have read through the majority of the RISC reserves report provided by Premier and realised that the whole thing - while seemingly sound from an engineering standpoint is shot full of holes and is merely a low ball spin put on for the purchasor's benefit. But it is what it is and most of us have learned some (painful) lessons and moved on

Time to get busy looking for opportunty elsewhere now that the Markets have changed. For myself I managed a few doubles and triples on things like Stratic bought at $0.10 and Bankers Petroleum bought at $0.90. There is opportunity out there - just need to get several more doubles over the years ahead - and avoid any major losses again - and most of us will get back to where we were before all this mess.

I haven't visited this site for a long while so its interesting to see how it is all playing out - its been a story that has consumed over 5 years of my investing life and it is one that has bought some land in Mexico, a house for family in Red Deer, some toys and for me a lot of travel experiences that I would not have had otherwise - but like others i stayed too long when the winds changed and lost way way too much here. It will take time to build up - but the next business and Market cycles will be very interesting and very profitable again for many. Oil will still be a big growth story until we can find some way of weaning off our dependance on it - and I don't see that happening for many years to come.

For those with a speculative bent I guess the game is to see what the ExOilCo crew can promote once they have fully disentangled themselves from this situation - but now there are a lot more bitter losers out there that just the previous lone dissenter - the NewCo may find it just a tad harder to raise funds for the next adventure. But then again - maybe not?

Best of luck all - and remember when evaluating RISC's credentials regarding all of the ExOilCo assets they expect to be taken seriously when they hedge their bets on Shelley by stating a low case of 0.4 million barrels recoverable - up to a high case of nearly 7 million barrels. Now that's quite a range considering the vast amount of data at their disposal. (I can imagine the looks I'd get as I wave my arm over some production forecast for a well I've just drilled and state baldly that it might produce as little as 4,000 barrels or as much as 70,000 - thats a heck of a range!)

At least for Brenda they do make the case for a high recoverable reserve base of around 32 million barrels - but considering how they have evaluated Shelley - can they really be trusted?

But anyway this is (for most of us now) water under the bridge - time to move on...

GS