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Gold/Mining/Energy : Midland MRIX, MRIXZ
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To: CKramer who wrote (15)4/24/1997 10:56:00 PM
From: Ed Ajootian   of 32
 
Gotta raise those sights even higher now. They plan to go nutty
drilling development wells the rest of this year, 38 in all!

Here is an excerpt from the 10KSB:

"The Company has increased its proved reserves by more than 50% since 1993
through acquisitions with ascertainable additional reserve potential and a
selective program of drilling, workovers, recompletions and re-entries.
Historically, the Company's growth has been primarily through the acquisition
and subsequent development of proved oil and gas properties. During 1996, the
Company escalated its development and exploration activities with the drilling
of three successful development wells and three exploratory wells, one of which
was completed as a producing well. The Company intends to continue increasing
production and reserves through exploration and further development of existing
oil and gas properties and future acquisitions. The Company estimates that it
will drill up to 38 wells in 1997 at a cost of approximately $12.6 million to
the Company's interest. The majority of these will be development wells on
recent 3D seismic discovery locations. Four of these will be exploratory wells
on separate features in the 3D seismic projects."

Folks may
be wondering where the funds will come from. But they have not come
close to maxing out their bank line and they are having it reviewed
right now to see if it can be increased based on the newly discovered
reserves. There is no reason why they can't just bootstrap the debt all
the way up to another $12 mm to fund the whole year's drilling.

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