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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Claude Cormier who wrote (8373)	7/27/2001 10:28:03 PM
From: Richard Saunders	Read Replies (1) of 24925

Claude - general industry. 32 minute overview. vcall.com Again, not sure how long the above link will be good for however it should take you to the presentation that First Energy's Martin Molyneaux gave on July24 in New York. (imo) The presentation is worth a listen. Timely issues detailed re: natural gas including supply, storage, economic slowdown, new electricity generation and increases from fuel oil and coal producers. Info. also included re: longer term heavy oil trend. Current expectation appears to be that producers will likely back off on capex plans this year by 15 - 30% if o&g pricig remains at current levels. The effect of that will just add to the general supply growth (lack of) issue. Forward look seems to be that equities will likely go sideways for next 6months+ however over longer term returns in the range of 20% - 30% should be apparent. Canadian equities vs. U.S. situations are better bang for the buck. OPEC actions will control oil pricing and current nymex estimate for 2001 gas is $4.50us Longer term models are using us$4.25 for gas or $5.50cdn. Hope it helps.

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