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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (235)	9/16/1996 12:42:00 AM
From: Richard Saunders	of 24935

Kerm/ Have you got the poop on Westward Energy Ltd. (WEL.A - TSE) in your files of companies followed? It hit a 52 week lo last week - I pulled up the 3Q'95, 95 Annual, 1Q'96 and 2Q'96 news releases to see if I could tell what was happening. The company is a pure oil play with declining production (746 bpd/1995 to 572 bpd/2Q'96). WEL.A operates in a couple of areas in Alberta (Halkirk and Taber West area) and the 2Q'96 release indicates the co. picked up 11,200 acres in the Enchant vicinity. I've obtained an estimate of NAV from another source and indications are that it's around $1.50 with proven reserves (? #) discounted at 15%. I'd be interested to know if you have tho'ts on WEL.A - there are currently around 4.5 mil shares o/s with another max. 2.55 mil. to be converted prior to Aug'97. 800K incentive options are outstanding at prices ranging from $1.50 to $5.25. I don't hold shares - the deep NAV discount appears interesting from purely a "value" basis although declining production is a concern.

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