The president announces that the counter offer submitted by the financial institution representing the purchaser is for the amount of $0.50 per share. The Board has rejected this offer as being too low in relation to the evaluation of the assets and oil reserves. It issued a counter offer of $0.58 which is open until Monday, November 12, 2013 4 PM for acceptance.
The Board is adamant in obtaining an offer that reflects the evaluation provided in the report of the estimated net oil reserves, completed on its Chedtyiskoye Field by Miller and Lents Ltd, international oil and gas consultants, having its offices in Houston, Texas.
The oil reserves are "Proved, developed and producing" 1,584,000 barrels having a value of $166,320,000; "Proved undeveloped' 4,134,000 barrels having a value of $434,070,000; ' Probable ' 10,351,000 barrels having a value of$1,086,855,000; and 'Possible' 14,201,000 barrels having a value of $1,491,105,000.