Franklin Releases Estimated Value of West Texas Oil Lease
Franklin Mining, Inc. Chairman and CEO William Petty announces that, based on a 1997 estimated reserve value, at a 10% discount rate, prepared by Harper and Associates for $20.00 per barrel oil, the proven oil reserves and proven undeveloped oil reserves contained in the Waterflood lease have an approximate current value of $6.0 million.
An announcement concerning availability and estimated value of the natural gas is being prepared. Franklin’s cash receipts from the Waterflood will be detailed in 2008′s 4th Quarter financial statements.
Franklin Mining, Inc. has mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. Franklin Oil & Gas, Inc. and Franklin Mining, Bolivia are wholly owned subsidiaries. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas International S.A. Additional information is available at www.FranklinMining.com.
