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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Cristofre Martin who wrote (4104)11/12/1997 2:24:00 AM
From: Richard Saunders   of 24922
 
Cris/ best advice is to give co. a call and ask specific question to the finance guy - suspect you'll end up talking to Bob Pilling. I don't have a '96 annual at fingertips but I suspect your question is not detailed in there either - the writeoff came in the 4Q'96 fiscal (Mar - May period). I suspect (ie. not 100% sure) it's some accounting mumbo-jumbo relating to re-evaluation/disposal of assets (non Waterton). I talked to co. last week and was asking re: an item on the Balance Sheet - the share capital difference. Story I obtained was that prior deficits were being written down, as approved at annual mtg., in order to better balance deficit reduction............. I was told it was more of an accounting exercise than a material change......... I'm still waiting for the annual report complete with full notes and plan to re-look at the accounting stuff. It would seem some of the challenges at trying to scope out the numbers are created when the company announces a material change (ie. acquisition or sale) in one fiscal year but doesn't actually close the thing until well into the next fiscal. Don't know if the above helps, I'm confused too and am awaiting for the current annual report to appear. I'm sure the tentative Canada Post strike won't speed up the issue at all......... .. Also, fwiw environmental hearings into a proposed pipeline route for the Waterton wellsites to the Shell gas plant are scheduled to commence today (12th) and will likely last for three days. This is the same pipeline that was at one time indicated would be built during July 1997. Who knows - maybe the month is right, I know the year's not....... disclosure: hold some pzi shares.
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