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<blockquote data-quote="greybeard" data-source="post: 1567457" data-attributes="member: 18945"><p>Minerals have no <u>proven</u> value until they are at the very least, produced. Having the rights to something that may or not actually be saleable, or a price put on it.. or not even be there (dry hole), is like hoping for the last card needed for a straight flush in 5 card stud. A pair of deuces beats a 4 flusher every time..</p><p>One of every 3 wells drilled in Ok and Tex have historically been dusters not gushers.</p><p>1/4-1/8-3/8-1/2--3/4-all of nothing is still nothing. You want to tax 'nothing'?</p><p>I think not.</p><p>Having eggs don't mean you have hatched chicks.</p><p>Seeing 20" diameter trees does mean you have 20" diameter trees.</p><p>Having blueprints for a $200,000 house means nothing. Can't tax 'plans' but once the house is built, it does get taxed.</p></blockquote><p></p>
[QUOTE="greybeard, post: 1567457, member: 18945"] Minerals have no [u]proven[/u] value until they are at the very least, produced. Having the rights to something that may or not actually be saleable, or a price put on it.. or not even be there (dry hole), is like hoping for the last card needed for a straight flush in 5 card stud. A pair of deuces beats a 4 flusher every time.. One of every 3 wells drilled in Ok and Tex have historically been dusters not gushers. 1/4-1/8-3/8-1/2--3/4-all of nothing is still nothing. You want to tax 'nothing'? I think not. Having eggs don't mean you have hatched chicks. Seeing 20" diameter trees does mean you have 20" diameter trees. Having blueprints for a $200,000 house means nothing. Can't tax 'plans' but once the house is built, it does get taxed. [/QUOTE]
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