Keith: those are a lot of good questions. Let me see if I can respond as much as possible. CWQ and MWR hold 25% and 30% before payout (BPO) and 42.5% and 15% after payout (APO), respectively. CWQ is operator which explains their larger APO position. Drilling in this area is completed very quickly once it gets underway, like 10-14 days for a 9000 foot well. Recently, due to the presence of a zone at 10,000 feet, we'll probably drill an extra 1000 feet, which might add 3-4 days. On the current schedule, set-up should be underway by monthend or early April, with results by end of April. Consider that equipment delays or other problems can occur outside our control, but this is the current schedule. You should also know, that another discovery has occurred in the area within 1 1/2 miles of our claim group. It is a tight hole status, but apparently a well has been drilled to 9,000 feet and intersected a gas zone. Any news on our play will be released immediately. As for insider positions, I believe the president has a fairly substantial position and has been actively accumulating. Much of the selling you may be seeing is associated with a cross of free trading stock, replaced by a private placement. That means the insiders have more stock locked up for a year, and less that is freely tradable. According to the last report I saw, there were 1.7 million shares under option at C$0.60, I don't know the precise breakdown. I have been doing PR for CWQ since Jan. '93, and have been affiliated in other capacities since inception in 1987. Certainly, there is more to promote if something of substance is underway, which is why this forum is now available. The Company has never been shy about promotion but neither has it hyped something that didn't exist. The Company was covered by Jay Taylor's Gold & Gold Stocks for some time, but since the emphasis is more energy related, Jay dropped the coverage. If the first well is sucessful, more coverage will likely occur. I hope that covers all the bases for you.
Best regards, Dale |
