Dan Pena

The RAMCO, which is Saudi Arabia, basically, tried to go public for 25 years and couldn't go public.

They went to NASDAQ, they went to New York Stock Exchange, Hong Kong, Beijing, et cetera.

Nobody would take them public because...

To go public, they had to have a reserve report, meaning they have to have Ryder Scott or one of the big engineering companies to say how much oil you really have, how much is proved produced in oil.

No, but they wouldn't produce those numbers.

So finally, Saudi, the kingdom, decided, well, we'll go public in Saudi.

So we'll take it ourselves.

Nobody participated.

So they made all government employees mandatory that they had to buy 50 shares or 350 shares out of their own paychecks to get it away.

And so they only sold or took 2% or 3% of Aramco public, and they had more than a trillion-dollar valuation.

If you knew, this audience knew, how many barrels of oil reserves were really in the world,

In my estimation, oil would be five cents a barrel.

Because there's 10, 20, 30 times more oil reserves, and they keep coming up with secondary and tertiary methodologies to extract the oil.

For example, the North Sea, Bob Dyke, who was my partner when I went public many years ago, he founded the North Sea in Argyle in 79.

And he said at that time it was only supposed to last 20 years.

So by the year from 79 to 2000, North Sea should be done.

Well, the North Sea's still got 50, 60, 70 years left because of all the oil reserves that are still there.

Great point.

But those cars, you wouldn't want...

I normally say you wouldn't want your wife driving that car.