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Gold/Mining/Energy : Fortune Petroleum (FPX)
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To: cmg who wrote (48)6/11/1997 1:13:00 PM
From: Ronald J. Clark   of 275
 
cmg

I spoke with John Collins this a.m. and found out that the completion of the second Bayou Sorrell well will not be finished until sometime next week. As has been mentioned before they are doing a multiple pay completion which can be tricky and needs to be conducted very carefully. JC thinks that the developments regarding the MENTOR prospect and the possiblity that a well may be drilled there soon is very bullish for the stock at this time. Hopefully we will get a successful completion followed shortly by an announcement of the intention to drill an exploratory well on the MENTOR prospect. My understand of the terms of the developement of the MENTOR prospect (if all goes as currently hoped for), is that the company drilling the well will pay FPX's 25% W.I. costs to the casing point. Then after logging the well FPX could elect to participate by payinng its share (25%) of the costs of completion.

Ron Clark
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