Money - I've owned BBEP since November 2008 and added along the way. I've read their reports and listened to their conference calls during this timeframe and the December 2011 Wells Fargo presentation was the first time I heard Hal, or any other BBEP executive, mention the 1.3B bbl of oil number. I don't think that much has changed in the last 4 years, so why did he throw out that number now? It didn't move the share price, so obviously, Mr. Market and his discounting mechanism doesn't believe it, or believes it is uneconomical to retrieve, either due to geology or California politics. It almost seemed like an 'off the cuff' comment.
Is anyone going to the shareholder's meeting? Last year's was April 25th. I might attend this year's, if able. I think the Yahoo mb should put together a list of questions for Klick n Klack. That is all.
moneyonomic..., thank you for the info. The 1st link was from 1998 and is too old for me.
The 3rd link has all of California as about 3 billion barrels.
But, they are presenting technically recoverable reserves which is different than what is mentioned in the presentation.
That means technically recoverable at the time the report was done...... and if you toss in the advances in fracing, sliding sleve, perf & plug, packersplus, multi-well pad drilling, ceramic proppants.... etc, then it probably is a much bigger number now since the report was from 2004.
The BBEP presentation mentioned 1.3 billion barrels in place.....so, it is my belief that it could be correct. That is different from technically recoverable oil but... that is still LOTS of oil.
sand even though first link is older numbers still line up with new studies
did you get a chance to look at devons view on Michign a-1 carboante. looks like new info could be out in second aquarter on potential to de risk the play which would bre very benefical to bbep. linn has very little in the a-1 carbonate area