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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: John Stopforth who wrote (194)	9/9/1996 9:03:00 AM
From: Kerm Yerman	of 24934

John/Spire Energy Been following Spire Energy to extent of news releases since first of year. I have requested information from the company but have yet to receive it. The fundamentals are there, at least to extent of what I first look at. Not to many shares outstanding, I like that for openers. Production growth is great as is cash flow. Long term debt is less than 1X forward 12 months cash flow. There is momentum in share price movement. Now is the time to call company and see how they are progressing on the 3 wells they are drilling at Abee. If favorable, stock is still probably cheap. Ask them what their cash flow projection is for this fiscal year and what production rates they are based upon. Also ask what their net undeveloped acreage is at this point in time and where it's located. The only thing that would concern me after reading their most recent news release is the price they're selling natural gas at. Have they hedged pricing and if so, until when. Thus far this year, a large portion of equity and cash flow has been invested into infrastructure. They have fallen behind a little in their drilling plans, as have many other companies due to weather. Excluding new wells they are drilling, are there more wells to be tied in. What is maximum capacity for processing gas. They're producing 10 mmcf/d now, how much more can current facilities handle. John, if you should be contacting the company, let me know your findings. Spire is a 100% natural gas play and does look like they have something going for them.

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