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Gold/Mining/Energy : ESR - ESKER RES LTD

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To: David Michaud who started this subject	9/20/2000 12:42:42 AM
From: Richard Saunders	of 2

David - ESR Esker. Your original post never attracted any responses so I'll bite. Checked recently and co. would appear to be around 325 boepd with some expectations that a couple of tie-ins within the next month or so should put production at 400+ Production in both 2Q and the six months ended June 30 was 223 bbls per day. As the 400 number is reached gas should be approx. 70% Berkley BKP is in the process of tieing in the rain-delayed Wild River well & it sounded as though the 4th gas well at Viking East should go on sometime next month. Personally I don't agree with the CF number mentioned earlier in the buy low, sell hi letter & would estimate that it will likely be a few cents shy or around $2mil for the year. Debt would appear to be about 1.0x CF IF one were to assume that there's 17mil shares, $2mil debt and also use the $0.23 price today the 325 boepd would translate into a value of about $18,185 per daily flowing barrel. Using the 400 boepd number would drop the daily flowing number to $14,775 In order to reach a value of $25,000 per flowing barrel the stock price would need to move to $0.36 for 325 boepd or $0.47 for 400 boped.

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