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Gold/Mining/Energy : Hegco Canada Inc.
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To: READE SMITH who wrote (2287)4/20/2001 5:42:36 PM
From: READE SMITH  Read Replies (1) of 2316
 
Hegco's production is now over 1500 boepd.

Yesterday's release did not put Hegco's best foot forward.

Here's the math. Hegco previously reported January's average production to be 6027 thousand cubic feet equivalent. Yesterday's release told us that February's average production was 4076 thousand cubic feet and that the average for the three months was 6507. This means that the production for March is 9418 thousand cubic feet. (6507 x3 = 19521 - 4076 - 6027 = 9418 / 60 = 1569 boepd).

If Hegco can increase production by the same rate in their final quarter, they will significantly exceed their 2000 boepd fiscal year-end target. My understanding is that there is plenty of "low hanging fruit" which will make this a certainty.
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