MGM Energy Corp MGMCF

Reserves

[OilEng]

OOIP net to MGM 8.3 billion BOE, recovery factor 6%. 

Value per bbl is $10 to $20 depending on how much oil there is.

If you want to know more you can check out  "Seeking Alpha"  Big Profits and Big Oil in the Great White North

 

cheers

[SigmaKappa]

So MGMs potential net EUR is ~500 mmboe. based on your 6% recovery of the 8.3 bbmoe.

[OilEng]

Close, you also have to divide by the formation volume factor (1.2) to account for the fact that the oil shrinks when it comes to the surface.  The reason is that there is a lot of gas in solutions which flashes off.  Think of a pop can under pressure.  When you open it up the gas fizzes out and you end up with less liquid. This  would be the "best" number under the

[SigmaKappa]

Yup the first step is being able to crack the nut and produce. Now just imagine down the road if they can come back with some sort of secondary method to enhance production....no associated explroation cost but a bit mroe capital to raise additional recovery. That is the icing on the cake.