Western Logic Resources WLT-VSE $$$ Message Board

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Gold/Mining/Energy : Western Logic Resources WLT-VSE $$$

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To: pete meyer who wrote (109)	7/12/1999 6:43:00 PM
From: SAM-DAN	Read Replies (1) of 112

Don't know what number you were calling but we got through to WLT all day.Didn't get the news release until now however and what a disappointment.Apparently Texalta[the 40% land holder] had issued a release at 9.30am reporting the well was not economic.WLT didn't have a chance to give the proper picture to shareholders until later in the day.As operater WLT should have issued the release.Texalta has apologized but the damage was done, Feel very bad for those of us who were buying on the way up as the geological reports looked so favourable, but as we said in our postings, you can never count your chickens until the well is connected and the oil is flowing. Those who panicked and sold all the way down to .05 weren't given the opportunity to realize that WLT has earned the right to the acerage in the area even though this well turned out to be non-productive. They still have 4 chances of achieving success.One failure does not mean the field is not of value.Once financing is in place WLT will begin their next try after reevaluating their seismics. Should be drilling within four weeks.

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