From yesterday's Canaccord Morning Coffee
ORBIT OIL & GAS ("ORB-T") - Commenced drilling a 13,000' Lower Wilcox
test well on its Cabeza Creek prospect in Goliad County, Texas. The
Company will also drill a 1,500' horizontal section through an Edwards
reef, from an existing wellbore. Orbit also reported that three wells
100% working interest) drilled in the Barrhead area in west central
Alberta, had been cased as gas producers. Drilling is either underway
or about to commence on gas prospects in the Marlboro, Drumheller,
Markerville and Medicine River areas of Alberta. Orbit reported has
closed its 25% participation in an Association contract in the Llanos
basin, Colombia, and anticipates that formal contract execution will
take place this week. Orbit reported that for the nine month period
ended September 30, 1997, funds flow from operations totalled $10.2
million or $0.24 per share. The Company reported that average natural
gas production reached 37 Mmcf/d in September, the highest in its
history. The recent disposition of small working interest properties
in south central Alberta, for $7.6 million, reduced the Company's bank
debt to less than one year's cash flow. MC - Orbit is posied for a
very good year ahead. Trading at only 4x cash flow. |
