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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Bobby Yellin who started this subject	11/28/2001 3:53:00 PM
From: Goldberry	Read Replies (4) of 24921

Advantage Energy Income Fund (TSE: AVN.UN) is purchasing some private gas weighted O & G co. They are paying $62 Million. Can anyone tell me from the following info given out whether this is a decent deal or not ie are they getting these assets at a good price relative to the present going rate for NG The Acquired Properties have an established reserve life index (proved plus 50% probable) of 12.2 years and are comprised of 90% natural gas and 10% light oil. * The Acquired Properties contain total established reserves of 41.1 bcf of natural gas and 765,000 barrels of oil and natural gas liquids or 7.6 million barrels of oil equivalent ("boe" with gas converted to oil on a 6:1 basis) based on a report prepared by McDaniel & Associates Consultants Ltd. ("McDaniel's") dated July 1, 2001. * Approximately 85% of the established reserves are classified as proved in the McDaniel's report. * Production from the Acquired Properties in 2002 is estimated in the McDaniel's proved producing report to be 1,720 boe per day including 8,300 mcf per day of natural gas and 340 barrels per day of light oil and natural gas liquids.

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