Bridge Resources Corp V.BUK

Time to Buy?

[rrcool53]

Thinking of doubling down today. Still have quite a few shares that I paid $1+ for in 2008. Did OK on a few flips earlier this year (in @ .21 out at .40) but those 2008 shares still PMO.

What do you think .............. have we bottomed?

[CalifDreaming]

Buying this play? At these prices? Hmmm.Look at the pathetic 2P NPV10 after tax numbers for Idaho that they buried in the financials. A pathetic $7MM!  BUK needed every molecule of "resources" to be converted into reserves to justify anyone's interest in this play.  But with the recent duster, much of that potential evaporated.Then consider the sale of Durango is highly

[Bigbadoil]

The Reserve engineers are hardly going to give any value for gas wells that are not producing anyway so that $7 million number is a bit of a misnomer. BUK have to get the 5 Hamilton gas wells on in ealry 2011. Then they will be proved producing and the NPV will be higher. This is a new basin so there are no analogus for production and hence any reserve estimates will be very conservative.The

[CalifDreaming]

Conservative?  Best Case (ie 10% confidence level) for resources, is only 34 Bcf.From the MD&A:"An independent qualified resource evaluator, AJM Petroleum Consultants, provided the Company with an evaluation  of contingent resources and reserves in the Western Idaho Basin, effective May 31, 2010, in compliance with National  Instrument 51-101 entitled "Standards of

[CalifDreaming]

Damn, after today's news, people might think I'm prescient....<><>