CDN. Oil/Gas Cos. - Shareholder Maximization Message Board

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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization

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To: Richard Saunders who started this subject	3/18/2001 5:32:58 PM
From: Richard Saunders	of 56

private Leland Energy newswire.ca CALGARY, Feb. 8 /CNW/ - Leland Joint Venture Group ("Leland"), a Calgary, Alberta based natural gas and conventional oil production company, announces today that its Principals have elected to seek alternatives to provide liquidity to its shareholders. Leland has retained Waterous & Co. ("Waterous") of Calgary, Alberta as its financial advisor and agent for this process. The majority of Leland's production is located in south-central Alberta with key properties at Endiang, Nevis, Chigwell, and Princess-Bantry. These assets produce approximately 2,958 boe per day (natural gas converted at 6:1), 93% of which is natural gas and NGLs. Net operating income for year 2000 was $14.8 million CDN, with Q1 2001 net operating income estimated at $10.1 million CDN ($40.4 million CDN on an annualized basis). Anticipated net production from all assets is targeted to be 4,400 boe per day by December 2001, including 24 million cubic feet per day of natural gas.

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