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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: VisionsOfSugarplums who wrote (7889)	9/11/2001 2:44:48 AM
From: Richard Saunders	Read Replies (2) of 24905

Reserves. Not really too sure if this is a question or a comment -- Sometime before too long we're probably going to start to hear things about end of year ceiling tests? A little bit of time has just been spent trying to see what was generally being used for some of the engineered Jan.01, 2001 reserves reports used for net asset values, etc. The oil benchmark - WTI West Texas Intermediate - is still in the ballpark....... for now. Generally mid u.s.$20s to us$28 range. Gas is a little more interesting -- AECO-C benchmark. Reserves reports seemed to be thinking AECO-C would avg. C$6 to high C$7 this year. Year-to-date (as of last week) for AECO-C spot was about $6.43/mcf and for 3Q-to-date avg. is just under $3.60 Current spot is closer to c$2.50 and some recent media articles were indicating that prices were even lower during the recent long weekend. Henry Hub NYMEX spot reference for year-to-date is just under us$4.70 and current spot around us$2.40 Any ideas about possible reserve write-downs vs. reserves booked using last year's impressive numbers? Here are some links to some engineering firms that probably will be kept busy in the next while. Also, at what point do the bankers start wanting to see revised reserves, especially for situations already levered more than about 2x+ to cashflow? Some links: Sproule Associates Limited sproule.com Historical gas sproule.com Ryder Scott Company Petroleum Engineers ryderscott.com Outtrim Szabo Associates Ltd. osal.com forecast osal.com McDaniel & Associates Consultants Ltd. mcdan.com forecasts mcdan.com Gilbert Lausten Jung Associates Ltd. glja.com forecasts glja.com Fekete Associates Inc. fekete.com Chapman Petroleum Engineering Ltd. chapeng.ab.ca Ashton Jenkins Mann ajma.net forecasts ajma.net

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