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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Tommaso who wrote (15427)	12/3/2002 4:37:10 PM
From: Ed Ajootian	Read Replies (2) of 206347

Tommasso, (Boy you're gettin' popular these days!). I used to own some NCN and took a look at it again, as a result of some of your & other posts. I believe the big problem with not only NCN but all of the Canadian gas producers is that the price of Canadian gas has not followed the price of Henry Hub gas. At least I think it hasn't. From the resources I have it is confusing. Based on the 3Q earnings release for NCN they only got C$3.36 for their gas in 3Q, which is around US$2.10. Also, I see from the update that National Bank Financial put out on NCN on 11/15, while National Bank is expecting better prices in '03, they are calling for AECO average price to be just C$4.30 (US$2.70). But then I see in the latest Raymond James stat sheet that AECO gas is currently at _US$3.50!! Not sure but I think they may have mixed up currencies here. Hopefully someone can help me out on this. Even with the low production costs in Canada, the economics of producing gas with a US$2.50 selling price are not nearly as good as with a US$3.50 -- US$4 selling price. Unless someone confirms that AECO gas is really selling for US$3.50 these days I think I will pass on getting back in.

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