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Gold/Mining/Energy : Tusk Energy (TKE)
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To: grayhairs who wrote (1121)6/8/1999 10:13:00 PM
From: kingfisher  Read Replies (2) of 1207
 
Greetings Grayhairs,
Received Tusk's 1st quarter report in mail today,along with a buy recommendation from Brant Securities.

I was not aware of this updated report from Brant which was released on April 16,1999.
For the benefit of individuals who have not seen this report or received 1st quarter results here are the some parts from both reports.

Brant Securities have a target price for Tusk of $1.50 within 12 months.
>Tusk have an average of 31% working interest at Strachan in 27 contiguous sections and a farmout of part of TKE's interest to a major company could have significant impact on TUSK's net asset value and future production and cash flow.
>Drilling 2 wells on Meekwap's east flank(33%) as well as 2 wells inside D-2A unit(17.6%) could add 400 boe net to TKE.
>Debt expected to be reduced to $3.2 million by year end
>Tusk could see its production increase from 850 boe in March to about 1500 boe by year end of 99.
.....................................................................................................................
FROM TUSK 1st Quarter
>Tusk and its partners have recently committed to purchase 41 square miles of 3-d seismic coverage in the Strachan area.
>Tusk has taken over responsibility for tie in of Strachan well and has worked diligently since the end of first quarter to move the project forward.
>Expect tie in by mid summer at Strachan and shallow well to access sweet gas to spud towards latter part of 2nd quarter
>Current production at Carvel is 2MMcfd from 1 zone and completion and tie in of upper zone expected during the 3rd and 4th quarters.
>As at March 31, 1999 the company had working capital of $63,531 compared to a deficiency of $430,714 at December 31,1998.
...................................................................................................................
IMHO an announcement of a major player coming in to participate at Strachan will have a big impact on Tusk's shares.

Have a pleasant evening,
Richard
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