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Gold/Mining/Energy : Midland MRIX, MRIXZ
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To: CKramer who wrote (18)5/26/1997 9:14:00 PM
From: Ed Ajootian   of 32
 
All,

Just want to keep everyone updated on the latest MRIX drilling plans --
see the excerpt from the 1st quarter 10QSB below:

"During the first quarter of 1997, the
Company completed two successful exploratory wells, one of which is held by a
limited partnership in which the Company serves as general partner. In April
1997, an additional exploratory well was successfully completed. 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 24 wells in 1997 and 24 in 1998
at a cost of approximately $8.4 million per year 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.
Management believes that the cost of its exploration and development programs
will be funded from additional debt and equity financing, and to a lesser extent
from cash flows from operations."

***********************************************************************

This is a slower, more sane pace than what they had set out in the 10KSB
filed a month earlier. Now they won't have to dilute us out as much by
raising so much cash to fund the drillng. They feel they can get $4 mill.
more from the bank so that just leaves about $4 mill. that they'll need
to get from equity financing.
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