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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting
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To: HAZ who wrote (6)4/28/1997 3:56:00 PM
From: D.E. Shetland   of 73
 
Edson JV Property Wildcatter

Looks like the first well in one of their new areas did not hit any significant pay. It was a real long shot anyway. Probability of hitting something was 1 in 20 according to company. The area still looks prospective and they have a lot of property so hopefully they can refine the seismic data and hunt around.

News to come on Bullmouse/Sukunka, Prairie Creek in next few weeks. Better chance with these anyway because they're not so high risk. Much better potential with these wells. Also, they have another going up in Berland River which we know is of higher probability.

So, you've got to figure that a wildcat in a new area might not hit pay. But Pan East still has 15 or so more to go this year and the best & biggest are yet to come. I'm mostly excited about Berland and Bullmoose --those could be what we're all looking for.
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