To all who may not have received this E-mail. Good info.
Date: Wed, 16 Apr 97 10:43 PDT
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From: Dale Schwartzenhauer <nwcc@bmi.net>
Subject: RESOURCE UPDATE
SITE PREPARATION NEARLY COMPLETE AT BACON ISLAND
After long delays caused by weather and uncertain partners, Bacon Island has been moving ahead with site preparation. A turnkey drilling contract has been signed and a spud date will be announced soon. The well will test four horizons, all of which have been
prolific gas producers
in the basin, to a total depth of 10,000 feet.
The Bacon Island prospect has been identified by means of existing well
control and seismic.
Curlew Lake and partners control about 1,000 acres covering the prospect,
which is positioned
along the prolific Meganos Gorge trend. Since its discovery, over 500 BCF
of natural gas has
been developed along the Meganos trend. Potential reserves on the Bacon
Island prospect are
over 100 BCF of natural gas.
To consider the potential magnitude of this project, please refer to the
attached "Bacon Island
Project Cash Flow Analysis." There are two attractive public vehicles for
participating in Bacon
Island, Curlew Lake (CWQ-VSE) and Mt. West Resources (MWR-VSE). EAch companies'
potential cash flow can be computed by multiplying the figures at the "2.5%
N.I." level by a
factor of 16.2 for Curlew and 6.0 for Mt. West. Divide by shares
outstanding--20 million for
CWQ and 10.8 million for MWR--to arrive at a per share equivalent.
Regardless of the levels
chosen, the numbers are very impressive.
Of recent relevance was a successful 9,000 foot well by Amerada Hess within
1 1/2 miles of
Curlew's claim block. The nearest previous wells were about 3 miles away,
so the action is
getting closer. In addition to calling us for updates, there is an active
Internet discussion group
located at "www.fin-info.com." Located in an area called the Silicon
Investor, it is necessary to
become a member and obtain a password, but there is no charge for the
service. We are also
providing regular E-mail updates for those who have joined the Cyberspace
revolution. Send us
your E-mail address to 'nwcc@bmi.net' to join our list.
To conclude, CWQ and MWR should see substantial appreciation on completion of a
successful Bacon Island program. With the large interest held by both
companies (CWQ-
25%/40.5% APO), (MWR-30%/15% APO), an initial successful well, which has a high
probability, should lead to as many as four wells in the field and a
long-term source of rising cash
flow. In addition, this will allow both companies to pursue opportunities
elsewhere in the energy
sector. Both issues should be accumulated prior to a rapid price runup.
Hope this works. Its my first copy and paste!!!
Tom
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