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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting
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To: D.E. Shetland who wrote (25)9/3/1997 11:15:00 AM
From: HAZ   of 73
 
DASHIELL, this sounds very encouraging and the market has also responded to the news pushing the stock back up to 3.60 - 3.70 range.

I read the second quarter report and I now feel more comfortable that Pan East is on the right track, but they are holding their cards close in order to buy up all available land in their core areas.

CORE AREAS

1 - STRACHAN DEEP BASIN

Pan East has drilled 4 deep wells here so far in 1997, with a 5th well currently drilling and a 6th well to be spudded shortly, and they plan to drill another 2 by the end of 1997 and the drilling pace will continue until spring breakup 1998, employing 2 deep drilling rigs that are committed to Pan East. The company also intends to continue expanding its land position in the area.

Also, significant strides in the infrastructure issues in this area.

2 - RE-ENTRY AT RAM IN WEST CENTRAL ALBERTA

The test results, which should be available reasonable soon, will allow PE and it's partners to determine whether the reserves are sufficient to justify construction of a pipeline to tie the well into the Ram River gathering system.

3 - TONY CREEK

This well encountered high quality reservoir rock in the target zone and was cased in late July as a potential liquids-rich gas well. The company expects that this well could be onstream toward the end of 1997 or early in 1998.

I guess we'll have to wait a little longer to see what the production rates, and reserve numbers are.

Cheers!
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