Comparables are O&G properties that have sold. These properties represent what the market price is for leases in the area. Very similar to the real estate MLS where the sales price of houses nearby help in estimating the price you should pay for your home.

2. Where does Black Bart get the comparables?

These comparables are recorded from both live and internet auctions. There are about 8 different auction houses that we monitor and record data from.

3. Where do the "Estimated Revenues" come from?

We multiply the ownership NRI + ORRI by the production giving us the Net Production. Then we multiply the Net Production by the historical Price of Oil and Gas during the month the property was sold. This gives us the Estimated Revenues the month it sold.

4. What ratio is used for the BOE for gas to oil?

We use the official Securities and Exchange Commission ratio of 6 MCF to 1 BOE (6 MCF=BOE).

5. How is the "Months Production Paid" computed?

The Sales Price is divided by the Estimated Cash Flow to give estimated Months Production Paid.