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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who started this subject3/18/2001 6:15:20 PM
From: Richard Saunders  Read Replies (1) of 56
 
DRK-cdnx Derrick Resources
fin-info.com

2001-02-26 Derrick Resources Inc.: Corporate Update

CALGARY, ALBERTA--Derrick Resources Inc. announces that it is
conducting a process to review strategic alternatives to consider
and assess options available to the corporation to maximize
shareholder value. Derrick has retained the services of
Kobayashi & Associates Ltd. to assist in this process.

Derrick is a junior producer of natural gas with a core operated
area of production approximately 100 miles east of Calgary,
Alberta. The company currently owns an average 95% working
interest in a 37 section block of contiguous, gas bearing land in
the Connorsville area. Derrick's current production is 4.75 mmcf
per day from various zones down to the Glauconite but stems
primarily from the long-life shallower Medicine Hat, Milk River
and Belly River sequences. A recent independent evaluation of
Derrick reserves conducted by Gilbert Laustsen Jung Associates
Ltd. effective January 1, 2001 has indicated proven reserves of
23.9 BCF and proven plus probable reserves of 28.7 BCF. The net
present value of these reserves at a 12% discount rate is $34.2
million and $37.3 million, respectively. The company has
sufficient field infrastructure to accelerate reserve recovery and
has budgeted for 45 new shallow gas wells this fall. At present,
Derrick is debt-free and has 10,983,490 shares outstanding on a
fully diluted basis, of which over 50% is held by management and
directors.
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