Dave/ Dalton Resources
Don't know all that much about company. A friend of mine likes mining
stocks and Castlerock in particular. That's the reason Dalton first came
to my attention. Just did a little research on a company named Neutrino
Resources and again Dalton came to light.
I don't have any operating or financial reports on the company. They
prepare news releases, but omit them when it comes to these reports.
I do have a little background on their activities.
Let's first discuss your comments. Regarding mining, the last I saw on
this was they had exchanged (swapped) interests with Castle Rock a
year ago this month, resulting in different interests in 66,000 acres in
their key area in Voisey Bay. What has happened since is unknown
to me. On the oil & gas side, their joint venture partners in the play just
west of Calgary are all public companies to my knowledge. I'll mention
names as I review their activities.
BACKGROUND
At the end of 1995, the merger of Piper Petroleums and Dalton Res.
formed the company as we know today. It was at this time that focus
was put on oil & gas.
In February, they announced a 10% WI well was being spudded and
drilling was expected to take 2 1/2 months. "Young West Oil & Gas"
was the operator. At this time they also announced a private placement
of $300,000.
On Feb 16, the Daily Oil Bulletin released news as follows; A $2.9mil,
3.682 metre new pool wildcat well targeting the Wabamun formation
on the Sacree Indian Reserve was spudded this past week by
YOUNG WEST OIL AND GAS LTD (40%), DYNAMIC VENTURES
(40%), NEUTRINO RESOURCES (10%) AND DALTON RESOURCES
(10%). It is anticipated the well, YWOG et al 9-1-23-4 W5M, will take
10 weeks to drill. Tom Gorkoff, mgr. of engineering and production at
YWOG, said the target is the Crossfield member of the Wabamun
formation . "The idea was spawned from an examination of the
existing seismic in the area and then the concept was further
enhanced by an extensive 3D seismic survey that we performed a
year ago," he said. It's a very interesting well, said Dalton president
Doug Robninson. "There's existing Rundle gas production in there
and, of course, it's foothills-type production---------it's very high
deliverability, very high reserves and reasonably high risk." Dalton
said additional drilling will allow it to earn an interest in a total of 36
sections of land with several identified drilling targets.
In May, company announced successful offering of 2.5mil shares
and like amount of warrants for total proceeds of $750,000. Wt.'s
are to trade on Alberta Exchange.
In a feature article regarding Neutrino Resources by Financial Post
on 8/23, Article referred to the well as a high potential exploratory
well on the Tsuu T'ina Indian Reserve southwest of Calgary. The
well has been drilled and will be production tested shortly to
determine its potential.
There was a news release by MART RESOURCES on 9/17 which
announced company had acquired a 40% interest in two permits
on the Tsuu T'ina Indian Reservation via purchase of all shares of
a private company, 704922 Alberta Ltd. from Young West O&G.
If I remember correctly, Mart Res. is comprised of offices from
Young West (double check this).
In addition to above play, Dalton announced the drilling of a
successful well in the Mulligan area of northern Alberta. The well
flowed 165bbl's/d thru a 25/64" choke for a three week period
before being placed on production. Dalton operates the well and
carries a 22% WI after payout along with a 22% interest in an
adjacent 960 acres. Joint venture partners include; CHOYA
PETROLEUMS, ELECTRA ENERGY & MERIDIAN ENERGY.
That's all I know. If you are interested in the Indian Reservation
play, you might want to check out the other companies mentioned
above. Also, see if they can update status of the well they have
been production testing. Last, check out their financial reports.
Perhaps some of our viewers can comment on the company also.
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