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ATP OIL Message Board

  • bnwild56 bnwild56 Jun 20, 2013 5:26 PM Flag

    DIP ignored it's own reserve engineer report of reserves.

    On reserves the new rule as of 2009-2010 SEC federal rules are little less strict.

    But when ATP put the development plan in place the SEC federal rules on reserves were still true and those numbers haven't changed. Re the 1978 Law for proved reserves. They have to be highly certain...This means that there is an 99% chance the reserves will increase verus a 1% chance that they will decrease...Ya all can go look it up for exact language...ever wonder why after production the proved reserves didn't go down but up this is why/////

    The new rules have a five year development being completed to count...here with ATP botch operational activities on the Telemark wells will require a new plan...so ya can'r vount reserves without new plan...hello. Did management even try to make a new plan? no management is foaming at the mouth to get the 10% of the newco with the DIP bid....I guarentee you ATP management hasn't done it's fuduciary duty in that light.

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