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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco)
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To: md who wrote (176)4/2/1998 1:32:00 PM
From: Bill Shugarue  Read Replies (2) of 270
 
PROFCO company update====================

I spoke with the company today, and here is the latest
information available.

The production unit is 65% completed and should be ready
for shipping to Nigeria in June. Production is expected
to actually start late August or early September. They
expect to produce 2,500-3,500 BPD from each well, for
total daily production of approx 10,000-13,000 barrels.

The president of Profco is travelling to Nigeria the
middle of April with the intention of reaching agreement
to drill some additional development and exploratory wells.

It is very important to remember that when 1 million barrels
of oil are produced, Profco will receive $10 million USD.
This should happen before the end of 1998.

Based on the current 34.5 millions shares outstanding, this
works out to 40 cents per share. Not bad for a stock
trading at 70 cents.

Its not over yet.
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