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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (3733)9/22/1997 10:35:00 PM
From: fivedollar   of 24937
 
Responses to your questions:

1. I do follow the company quite closely. Have follwed it for a couple of years now.

2. The nine month operating results that you have are in fact cummulative for the nine month period. Nine month revenue was in fact just over $3 million.

3. The company's CFO has been very busy with the Wenzel aquisition and planned on taking the full 140 days to get the annual report out.

4. It is difficult to answer the competion question because many oil tool companies focus on a specific geographical areas due to depths that hydrocarbons are found at. Not all oil tool companies produce a motor that is designed for high temp drilling. Not all companies machine and services their own tools, etc. As a guide though, NQL Drilling and Dreco's oil tool divsion (Vector Oil Tool, Griffith Oil Tool) could be considered competion.

5. Bowridge Resource Group is not a competitor of Master Downhole Canda Inc.

6. Master Downhole Canada Inc's Canadian market share I believe is small. This is not their focus. Their main core of business is from overseas: Russia, China, Scotland, Germany, Italy, South America and the U.S.

7. Wenzel Downhole has operated out of the U.S. since it's inception. They have had a sales and service division for some time and are really in the same business however, with a slightly different geographical focus. Master Downhole Canada Inc. feels that the assets of Wenzel are a fit and will add significant value and strength to the company's bottom line.

8. My best estimate for year end revenue and cash flow are $4.2 million and $1.2 million.

9. My only insight into this company is that they are incredibly busy right now and cannot produce nearly as fast as the orders are coming in. They are moving into new facilities in the next 30 days that will enable them to produce more and accept larger orders for quicker delivery. I have had the opportunity to visit the existing facility several times and see for myself how busy this company really is. In the past year they have gone from 15-45 employees.
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