RE: Potential islander1000 said...
it seems that they're sitting on (1,454,000 X 720,000) a potential of over a trillion barrels.
Yeah sorry islander but you've made a huge mistake. The acreage and barrels per acre figures are correct but you can't simply multiply them together to do a resource estimate since the per acre estimates are for samples within the licensed area. They don't know for sure the extent of the underlying formation.
A while back when I was doing my DD I stumbled on the EL1070 RESOURCE EVALUATION that was prepared by AJM Petroleum Consultants. I don't remember where I found it but I downloaded it so I could go through it.
Here's the relevant table...
That puts EL1070 between 1.5 - 5.2 Billion barrels of DISCOVERED oil. We now have EL1120 and EL1097R added to the mix so while it isn't going to add up to a trillion it should be huge.
For anyone that doesn't know what Mstb means the definition is
MSTB - 1,000 stock tank barrels of oil
as found in ...
https://www.newswire.ca/en/story/422065/nordic-s-total-proved-plus-probable-heavy-oil-reserves-at-lloydminster-up-49-in-2008
I've hilighted another very important detail from the cover page of the report, which I show below...
Edwards was the VP of Business Development at SPE at the time. Isn't that cozy!
I've said before that CIVC & SPE are walking hand in hand on this one. Do you believe me now?
Someone on IV suggested that SPE might buyout CIVC at some point in the future. I could see it happening but not until CIVC insiders have exercised all of their 0.10 options. If they don't sell their shares then that might be a clue that another deal is in the works. This isn't an out to lunch concept. CIVC's Feb 29, 2008 NR indicated the following...
St. John’s, NL – Canadian Imperial Venture Corp. (“CIVC” / the “Company”) and Shoal Point Energy
Ltd. (“SPE”) are pleased to announce that they have signed a letter of intent (“LOI”) to enter into a
friendly merger (the “Transaction”). Under the LOI, all outstanding securities of SPE will be exchanged
for common shares, common share purchase warrants and options of CIVC.
We'd be looking at a role reversal of course but given the shenanagins that have gone on over the last few years what has been suggested isn't unreasonable given the tight relationships.
GLTA