Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (34710)	6/4/2003 3:41:59 PM
From: Check	Read Replies (1) of 74559

Hi Jay and thanks for recommending the <<gumph>> at my OilpatchUpdates. WRT to BTE, I run some quick numbers on it this morning and I also bought some - mostly for the kids educational trust with my mother’s money. OilPatch and ELH left me kind of dry. <GG> Assuming full dilution (i.e. all Q1 option exercised), $ 24 WTI, $4.25 HH, $.75 C$, no hedges (except the 20 mbbls/d heavy oil contract) and all price differential & operating costs as in Q1/03, I still get a juicy $1.60 distribution or 13.62% based on the current $11.75 share price based on a 60% payout. That would leave approx. $ 62 MM for reserves replenishment. Not bad at all. I temporarily stuck the numbers into the 1996 column in the dropdowns - don’t ask me why, but they won’t stay there very long because I don’t want to give people the idea again that we are in the forecasting business. oilpatchupdates.com Thanks again and have a good one. Check it out.

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