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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Bobby Yellin who wrote (578)	10/21/1996 3:52:00 PM
From: Richard Saunders	of 24925

Just gave the toll-free nuber a shot & was talking to 1 of the 2 PR types. As of this moment supposedly there is zippo for cashflow. Story is that the South Cedar Creek property will be tied in in the next couple of months - production is 1,300 boepd but will be choked back to 500 boepd. IR guy didn't have a clue what all that meant re: cashflow to UP...... The other property of "interest" is in the Green River Basin in Wyoming. 4 wells are planned to be drilled by Western Drilling Resources - they'll have to tie in at least one to maintain a 15% working interest. Once again IR guy was hazy re: cash flow implications...... Supposedly there's no LT Debt at present and approx. $1-2K in treasury. IR guy couldn't say what capital expenditures are being budgetted. I've requested a package & there should be BC Securities Form 61s (financial quarterlies) included. My initial impression is this is not a current fundamental "value type" bargain. You know about the charting/promotion angle than I do so maybe there's more? I'm reserving judgement until I see more auditted information.......

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