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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Richard Saunders who wrote (6768)	8/28/1999 2:17:00 PM
From: VisionsOfSugarplums	Read Replies (1) of 24921

Excellent comment, Richard. Will be interesting to see if Cdn companies move towards a 6 to 1 ratio, since it seems more appropriate (as you stated, economic considerations - essentially the discount for deliverability issues - previously dictated the 10 to 1 ratio). The companies, if they change, would normally have to apply the ratio to their prior year figures as well (would change last year's ceiling test and depreciation expense) so that the two years are comparable. It will be interesting to see if companies who change to 6 to 1 try to argue that it is a prospective change and should be applied to the current year numbers only (gas deliverability drove the ratio change and it only changed this year). Also if their auditors would let them do this. Would make current year figures quoted on a BOE basis look that much more favourable in comparison to the prior year if they could. Not sure if anyone cares about that but might be worth keeping an eye out for as well, esp. when looking at year over year growth. Regards, t.

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