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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: SofaSpud who wrote (462)	10/11/1996 7:30:00 PM
From: Richard Saunders	of 24925

David/ Symmetry SYO - CM Oliver is doing the financing & I've got a prospectus as well as the company's IR package. SYO used to be Clarinet Resources but that changed in late June'96 - a 1 for 4 share rollback/namechange happened. The 2Q (06/96) shows the co. is producing approx 75% oil of an avg. 353 BOEPD. Cash flow for the first 2 qtrs was just over $0.09/share ($703K) with revenues of approx. $1.283 mil. The company has 2 gas wells and one horizontal oil well. The oil well in Sask. has been producing in excess of 400 bopd (75 net) but will have to be cut back to an allowed 350 bopd (66 net). The oil well is located in the Queensdale area...... The financing is being done to raise between (net) $1.380 mil. and $4.140 mil. to be used to purchase some properties. Main property to be purchased is the St. Anne Property approx. 80 km w. of Edmonton. There's also some shut-in gas and just under 9,0000 acres of 100% working interest undeveloped land. There are 2 pools associated with the propert - 1 will be 50% owned and the other 100% owned. The company will operate both. Current production is indicated at 190 bopd and 650 Mcf/d of gas. If more than $1.5 mil. is raised through the financing then there's a list of 7 properties in SW Sask. which will be purchased....... Company mgmt. caught my eye - the pres./chief op. officer is David Morgenstern who has an indicated 19 yrs. experience in the Western Sedimentary Basin. His past has included a stint at Cdn. 88 as VP, Exploration and at Dorset Exploration as Exploration. The VP Ops. is Giovanni DeFrancesco who has 14 yrs. experience including VP Ops at Cdn. 88 & VP, Corp. Planning at Dorset. Senior Geoligist is Sharon MacLeod who started with Gulf Canada Resources (85 - 87), completed a Phd (that's Doctor Sharon, if you will) in '91 at U of Calgary and then worked at Wascanna Energy until a year ago. I don't currently hold shares although am in the process of taking a look. According to the prospectus the issue is being issued in Alberta & Ontario.

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