March 23, 2010 News ReleaseI haven't seen a company like this one in many years:
ECOSSE ENERGY ANNOUNCES INCREASE IN ONSHORE RESOURCES TO 206 MILLIONBARRELS
Ecosse Energy Corp. has increased its onshore resources estimate basedon an independent evaluation by Chapman Petroleum Engineering Ltd. ofCalgary of onshore prospective resources for the Bengkulu PSC in southSumatra, Indonesia.
"The independent evaluation carried out by Chapman Petroleum Engineeringincreases our best estimate ultimate recoverable oil in place from 110million barrels to over 206 million barrels -- a substantial increase of87 per cent from the original figures when we listed on CNSX lastyear," said Alan Morrison, president and chief executive officer ofEcosse Energy. "This increase has been due to two new major Prospects Nand O being identified onshore from the geological and geophysicalinterpretation we performed in the last five months. The undiscountednet present value based on the best estimate figures has also increasedby 77 per cent from $311-million (U.S.) to $552-million (U.S.)."
With that kind of a NAV, one would think that someone would buy a bit at $.16 CAD.......let's see, 44 million shares out times 16 cents makes this market cap about 7.094 million compared to potential reserves somewhere north of $500 million.
Where's the management team here????....not finding any buyers for the stock are they?
tikr
Only Energy company looking good these days is: RLM (TSX.v) I like it!