From The Insider Report @ StockHouse.com
stockhouse.com Lost Hills Update
The Insider Report is interested in finding companies that have value other than purely a small percentage interest in a wildcat well, and PYR Energy [PYRX] has around $6.0 million in cash as well as a carried interest in the ELH exploration. Similarly, we have stated that our preferred vehicles in the East Lost Hills are Berkeley Petroleum [T.BKP] and CVL Resources [V.CVL] for the EKHO play.
With the majority of the companies involved in the East Lost Hills being Canadian, it was difficult for the Insider Report to dig up much new info on the progress of the drilling at Cal Canal. One item of interest that came to our attention was the trading activity of PYR Energy [PYR], up $0.437 to $4.437, which has a carried interest in the Bellevue #1 and the Cal Canal projects. Below are excerpts from PYR's 10QSB filing, the full text of which is available here:
"In early 1998, the Company and Denver based Armstrong Resources, LLC entered into an exploration agreement with a number of established Canadian partners concerning approximately 30,000 gross acres over this prospect. PYR received cash consideration for its share of acreage in this play and a carried 6.475% working interest through the tanks in the initial exploration well. PYR owns an additional 4.1% working interest for a total working interest of 10.575% in the nine-township area of mutual interest.
The first exploration well in the program began drilling on June 15, 1999 and is operated by Berkley Petroleum Corporation ("Berkley") of Calgary. The three exploration prospects in this program, targeting the Temblor Formation at depths ranging from 15,000 to 18,000 feet, are expected to be drilled in sequence with the same rig. Berkley will operate the other exploration projects in the Deep Temblor Exploration Program as well as assume operations at East Lost Hills, effective July 1, 1999. Including the above four projects, the Company has a total of nine separate projects with interests covering approximately 93,500 gross and 42,500 net acres in the San Joaquin Basin of California." |
