Based on Dec 2002 reserves as reported in 2003 10K and on the Denbury website, the GOM has 98.829 Bcfe of gas. Using you $192MM purchase price that comes to $1.95 per mcf. That may be a little high. I think that it will be closer to $1.75 per mcf, depending on the disposition of the proven reserves amongst the P1, P2, P3 catagories.
That's clearly a better answer but still only 4X my estimate of the amount of CF sold. I guess I should look around some more and see if I can find any additional stuff which would be of help in refining an idea about a potential deal.
Thanks for the number.
Thanks for your reply Peter.
this morning Raymond James analyst estimated the DNR might be able to sell the properties in question for $182-192 Million, which is nearly twice what you were suggesting yesterday.
An amusing guy, Rowdyrodent, who posts on ROYL and EPEX tipped me off to a Bavarian brewery called Erdinger that produces only weissbier. They make very complex dark versions which are bottle fermented such as their Hefe Weizen Dunkle and their Weizenbock Dunkle that we can get here much of the time.
These are very interesting beers which are completely unlike both their boring US cousins and their relatively untamed warm-brewed British cousins.
Didn't catch it before my post.
As they say, ROFLMAO!
Hey, wait a minute!! ! Wasn't Warren Zevon into self-deprecation and personal irony?
Geez, I'm off to grill up a couple of croque monsiours for Mrs. Dane and myself, I wish Rowdy would show up and tell me which weissbier would go best with a good swiss, genoa salami and onion grilled sandwich.
I fired myself because I couldn't possibly add value to the merged enterprise because I didn't believe in the new mission statement on a going-forward basis and the enterprise didn't value my understanding of the marketplace.
That having been said, there is nothing wrong with my brains nor was there anything wrong with the brains of my putative merger partners.
The capital that I freed up from the enterprise has been put to reasonably good work.
That's the underlying reality of Z's father's brilliant intuition.
You don't need a particular job. You just have to believe that there is a way to exercise your talent for understanding the marketplace for what you do. Micromayvin, I tell you this: real talent is very thin upon the ground. real understandings are very thin upon the ground. real people are very thin upon the ground.
Best wishes to you and to your continued success.