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

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To: Sweet Ol who wrote (17826)	2/6/2003 9:09:57 AM
From: Ed Ajootian	Read Replies (1) of 206182

JRH, EPL -- Based on today's report they should catch up with the rest. 3-yr. finding costs of $7.70/BOE ($1.28/mcfe), right about where you'd expect it for shallow GOM explorers. How's this for production growth. They averaged 17,173 bod for '02 production. Exited 4Q with 20,500 BOD of production, then put 2 more wells on in Jan and plan to put 4 more wells on in Feb! Each of these wells should add another 500 bod net production on average. (One of those wells coming on in Feb is the one that had 308 ft. of pay -- if they decide to complete that in several zones at once that one could be a doozy). They did not resume drilling yet, probably to allow their production to soak up a $15 M deficit in working capital that got created last quarter by blowing $37 M on cap ex. They have probably received their December production checks by now so they should be ready to get back in the saddle.

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