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Gold/Mining/Energy : DALTON RESOURCES DAL:ASE

DAL 57.84

+0.6%

Nov 6 3:59 PM EST

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To: RIK who wrote (225)	4/27/1998 2:04:00 PM
From: Michael M. Cubrilo	Read Replies (2) of 486

RIK, the note from Grayhairs answered your question re: cost for this well, approx $4-$5 million. Grayhairs, your summary is one very plausible scenario. However, on a well as expensive as this one, you would want to run tests to determine just what you have before you spend alot of money on capital for a well that might be a puff of gas. Pure speculation at this point... and as the Chief put it, "You place your bets and take your chances." However, keep in mind that in the big picture, the average success rate of exploration wells in AB remains ---> 10%. Mike

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