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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (4411)	1/6/1998 4:43:00 PM
From: Doug	Read Replies (1) of 24927

Kerm/Oil Price Thx for that clarification. SPC WTI stands for Scurlock Permian Corps WTI. Apparently, they have their own WTI pricing "dock side price".To get the landed cost at the Refinery they add a transport charge. This needs to be confirmed. The oil price quoted by Nymex refers to Light Sweet crude. I presume this is the Louisiana type and not the Brent mix which is slightly cheaper. In reviewing the 10K/Q for Cdn Companies, I observe that in making their estimates of cash flow some refer to future WTI prices. There is quite a difference between WTI and LLS prices and their 98 WTI price forecast look overly optimistic. On the other hand if these were meant to be LLS prices, they could be close to the mark. In brief, if CAP and others are using the Nymex benchmark, it would seem inconsistent that their members use WTI prices in their annual reports and cash flow forecast. Perhaps it was intended to keep us confused.

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