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Gold/Mining/Energy : Westrend Natural Gas - I.D.E. Hot Stock
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To: Frank Fakhry who wrote (1952)7/23/1999 3:57:00 PM
From: Leigh McBain  Read Replies (1) of 2011
 
Well here's the official news, not a big surprise.

Salut,

Leigh McBain

WESTREND NATURAL GAS INC ("WRN-V;WTNGF-L") - Update on Taylor
Rig

Stephen Winter, Director of Westrend Natural Gas Inc. ("Westrend") announces that further to Westrend's July 9 release, management have received financial information from Taylor Rig and an update on business prospects. Westrend is advised that for the period from February 1 through May 31, Taylor Rig has incurred an operating
deficit of approximately US$100,000 per month. Westrend has also been advised that once Taylor Rig completes the current rig that is in process, it is likely that operations will be drastically scaled back as there in no current prospect of new business.

Taylor Rig has advised that they have not seen an upturn in workovers and drilling as has happened with previous oil price osculations, and management understand there is a large oversupply of service and drilling rigs as a result. Furthermore, Taylor Rig is no longer pursuing a carrier contract as a large competitor has jumped into the small carrier market and if offering to manufacture carrier's at below the cost that Taylor Rig can manufacture.

Westrend is proceeding as quickly as possible to effect the 1:15 consolidation and name change. TEL: (210) 735-8088

Stephen Winter, Director

Westrend Natural Gas Inc.
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