RE: RE: RE: RE: $ 40 BILLION VALUE FOR LFD....undeveloped 2P oil in the ground worth $4/bbl and
developed and producing worth about $15/bbl.
There is no such thing as developed 2P (Probable) resources. By definition they are undeveloped.
Developed and producing are considered 1P (proven). They do not necessarily need to be producing to still be considered 1P
In 2009, the worldwide Mergers and Acquisitions value of 2P resources (In this case meaning 1P plus 2P, proved plu probable) was $14.40/BOE. Easy to look up and if I find the article I print it here.
Beware of good40 and his trickery. Always check on what he writes, as he mixes facts in with his lies to make them more believable. Ask him to prove 2P oil is worth only $4/bbl and what his scources are.