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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge

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To: Al Collard who wrote (8387)	5/27/2002 12:02:54 PM
From: Al Collard	Read Replies (1) of 11802

FGD-v...in the news: First Goldwater Z1 well produces 25-foot gas flare Mon 27 May 2002 Mr. Conrad Clemiss reports Z1 WELL FLARES GAS The operator has notified First Goldwater that the production testing process is progressing on schedule and on budget. The well has displayed good signs of pressure with strong indications of gas presence within the formation. The operator has informed the company that the Z1 well has produced a gas flare as high as 25 feet and that it anticipates having the production testing completed this week. The Green Ranch prospect is a proposed 15-well program consisting of 4,131 acres of leasehold on the Green Ranch in Stephens county, Texas. This leasehold is located approximately 50 miles northeast of Abilene, Tex., and approximately 10 miles northwest of Breckenridge, Tex., along the North Stephens-Shackelford county line. The primary target formation in this prospect is the Bend conglomerate at a depth of approximately 4,500 feet. Secondary target formations are Caddo, Rotten Chert, Mississippian and Ellenberger. FGD holds a 5-per-cent working interest in the Green Ranch prospect. Eighty per cent of the project is privately held. The Green Ranch prospect lies within an oil and gas producing province identified as Texas Railroad Commission District 7B, which encompasses 24 counties in North Central Texas. TRRC reports indicate District 7B has produced a total of 2.225 billion barrels of oil during the period from 1935 through June of 2001. These reports also indicate the district has made 2.277 trillion cubic feet of unassociated gas (gas wells) from 1970 through June of 2001. It is estimated that this district accumulated approximately 2.78 trillion cubic feet of casinghead gas. During the year 2000, District 7B made 14.1 million barrels of oil, 18.6 billion cubic feet of casinghead gas and 45.3 billion cubic feet of unassociated gas. There has been over $1.5-million spent on the Green Ranch Prospect to date.

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