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Gold/Mining/Energy : The New Osprey Limited
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To: The Osprey who wrote (126)7/20/2001 8:02:09 AM
From: The Osprey  Read Replies (2) of 338
 
Since I am here and everyone else is there I thought it best to pass on what I have learned.OEL.V as we all know has taken a position in 660,000 acres in PEI with a 10% interest according to the NR with an option for an additional 15%.YRY.V has a similar type deal regarding the same properties according to their NR.

Here is what is interesting.Ong.V Meteor Creek has drilled at Bear River adjacent to these properties and according to the paper in PEI the test rig is on site and flow info should be coming in as early as over this coming week-end according to the article in the paper.

theguardian.pe.ca

Here is what is interesting.In the whole island of PEI there is only 1,050,000 acres approxiamately.OEL and YRY have interests in over60% of the island leases.Now what do you think will happen if Meteor Creek announces that they have a winner?????Will YRY and OEL trade in unison with their announcement since their interest covers a greater parcel adjacent to ONG's interests?? What if the "Dip" is more attractive in the other part of the island?????Pure speculation????You bet but I will suggest to all that it is going to get some interesting over the next 2 months in PEI.
Now add to that the upcoming seismic results in the KBC/OEL JV in NS as seismic is being completed now I am hearing and we have alot of things going on.Add to that the upcoming spudding of the JV with the Major in Alberta this fall......and well you get the picture....<smile>
Keep in mind this is speculative and people should only invest what they feel comfortable with.It is spec investing at it's finest.

One other point of interest.I was speaking the other night with a retired Exxon worker and he suggested to me that the East Coast of canada is in it's infancy and that the potential is huge beyond our belief.His comment was that our government has to open up the taps to international participation from the present levels.He equated the East Coast to Alberta in the early 1900's.He said it is virginal and exciting and will forever change the map in Canada relating to energyu as we have known it in the past.
Let's see how the development unfolds.I guess the OEL people see the oppurtunity and that is why they have gotten their feet wet so to speak.I can't say I agree entirely with the gentleman from Exxon but I do tip my hat to him for his forsight and outright visionary position.

The Osprey
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