$ 35 Billion for LFD....(Jeribe)I re-verified my numbers below and they are correct. Better load up as most people did not understand the significance of the news today. Holders of VST did and their stock rallied. LFD will play catchup in the morning.
Here is my original post:
Hello Everyone,
I love the way good40 and other handles try to misrepresent the news release. There was a 260% in the overall oil reserves. In the case of Jeribe there was a 290% increase as follows:
Contigent best estimate 60,000,000
Prospective best estimate 332,000,000 (identifed as number 6 on news release)
Total: 392,000,000 million barrels of oil
Previous estimate: 132,000,000 million barrels of oil
% Change from original 290%
What LFD did is develop two categories of oil, those contingent (are sure 100%) and those prospective that they estimate they will find once drilling is started.
Previously we had 132 million prospective, meaning no sure thing. We now moved 1/2 of previosu prospective to contingent meaning oil is there plus we increased the prospective substantially, meaning a bigger deposit of oil.
They are targeting Jeribe cause it is huge 392 million barrels of oil is possible. At $ 90 per barrel of oil, this deposit in and of itself is worth $ 35,280,000,000 (yes, it is $ 35 billion).
So here we have a $ 50 million market cap for a company that is drilling into a $ 35 billion deposit.
Pretty awesome and naive of those whom sell at these prices.