Iron Brdg Res Inc. OEXFF

RE:RE:RE:RE:response - press release - (in summary - still upside)

[ditchdigger251]

I'm estimating IBR will have enough time to drill (one decent rig under contract) and complete 15 wells (3 x 5 Hz pads) + tie-in the two 80 stage Hz wells already drilled.  Assuming concurrent facility capacity increases that will put IBR somewhere near 20,000 boed's.  Using $30M per boed and not counting the roughly 45,000 of remaining undeveloped land that still nets near $4/share.  Assuming that oil prices remain solid or (as I expect, increase) and gas netbacks strengthen (NA storage is waaaay below the 5 yr average and not catching up with another cold one on the way - quietest Sun activity in 200 yrs) this is the lower end of value expectations IMO.  The World is facing a growing energy shortage so selling now is foolhardy.  What Velvet tried to do with their hostile bid is akin to armed robbery except instead of using a gun they used flat out lies to try generating the fear they needed to succeed.  A Big Thank You to IBR's Board and Management for standing strong in support of growing shareholder value!