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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Richard Saunders who wrote (679)	10/28/1996 7:04:00 PM
From: Richard Saunders	of 24925

Mentioned SOUTHESK ENERGY LTD. (SEE-A) in a previous posting. The annual report (June'96) arrived in the mail - current holdings in this closed end fund include: Fossil Oil & Gas Ltd. (in midst of being amalgamated by Elk Point Resources), Westward Energy Inc., Zargon Oil & Gas Ltd., Palliser Energy Inc., Raider Resources Ltd., Saxaon Petroleum Inc. and Oiltec Resources Ltd. The fund is taxed at an effective tax rate of approx. 44% and in order to avoid paying tax the fund's Board of Directors have approved a change to the closed end fund which will allow Southesk to invest up to 10% of the fund in oil and gas exploration or development "plays". Exploration expenditures can be 100% expensed for tax purposes. I do not currently have a position is Southesk although I do hold positions in some of the individual fund holdings.

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