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Gold/Mining/Energy : A HIGH PROBABILITY GAS FIND--CWQ/MWR
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To: mike timoranszky who wrote (31)5/6/1997 10:09:00 PM
From: Dale Schwartzenhauer   of 42
 
Mike: following a close read of the Calvalley news release, I have several observations:

1) They encountered multiple zones in five wells but only tested one.

2) The one zone only flowed 2.9 mmcf/day, which is about a $3000 daily cash flow.

3) Canadian gas prices are not nearly as favorable as U.S. prices.

4) There was no indication of their percentage interest, royalties, etc.

5) They won't have any cash flow until next year.

6) A pipeline and additional facilities will be required first.

7) I couldn't tell from the release how many shares they have out.

8) It would seem on the surface that the stock is fairly valued considering the foregoing.

You might want to keep an eye on this company for future reference. In the meantime, Curlew should have better upside potential on Bacon Island for the immediate future.
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