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Gold/Mining/Energy : DALTON RESOURCES DAL:ASE

DAL 58.08

-0.8%

2:50 PM EST

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To: Michael M. Cubrilo who wrote (262)	4/28/1998 9:04:00 PM
From: grayhairs	Read Replies (2) of 486

Hi Michael, Before this Strachan well was spudded I would have agreed with your COS of ~10% for this exploration well. However, with the owners (with the consent of Apache, obviously) having announced casing run across "log shows, etc." of the shallower zones (most known to be commercial in the area), and knowing that the deeper portion of the hole was cased too, I'm sorry but I can't hold my COS at 10%. Many of the risks that were faced at the time of spud have been eliminated at this point (or there would not have been a "favorable" announcement nor would deep casing have been run). Are you suggesting that once a prospect is designated "exploration" it has a COS of only 10% until it is actually completed, tested and placed it on production?? Later, grayhairs

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