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Gold/Mining/Energy : Bearcat (BEA-C) & Stampede (STF-C)
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To: grayhairs who wrote (2131)11/17/2000 11:56:40 PM
From: Keith Minler  Read Replies (3) of 2306
 
Hi grayhairs et al; just had a great telephone call from Jack Mcleod, the problem with the well is a screwup by the mud company. They just learned this; this afternoon and are greatly relieved. It is apparently a fairly easy problem to rectify and the well may not even need to be stimulated.

The time line is as follows: the big rig is still on site and will be moved to a Shell Oil site within the next three weeks, at Shell's expense, to move it earlier would cost STF/BEA a ton of money so they will wait for Shell to move it. Testing would likely start within a week of moving the big rig. So worst case scenario is a four week wait for results.

Jack says the wait will be worth it. Not only will this be a producing oil well it will be the first to prove up STF/BEA holdings as a major find.

The runnup in stock price was buying by roughnecks who saw good signs early and then panicked and sold off when testing preparations indicated that there was a problem.

One good thing about talking to Jack he doesn't hide his emotions, the relief in his voice was clearly evident. They were totally shocked yesterday by the blockage problem and couldn't belive yet another problem had cropped up. Todays diagnosis of the problem came as a tremendous relief.

When Jack called me he had just returned from the Turner Valley where he had been taking wellhead pictures of pressure gauges with great readings. You could also hear the enthusiasm in his voice.

Right now I am a buyer not a seller.

Later

Keith
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