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Gold/Mining/Energy : BPI Industries Ltd (BPR-VSE)

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To: Joel W. Grothendick who wrote (128)	5/4/1998 7:01:00 PM
From: VIP Condo	Read Replies (1) of 355

Just a quick note on another CBM Play ERB/SIR vse Too All: I got in touch with Ken Sinclair and here is my interpretation of what is happening. They have found conventional gas along with some water in their latest well. The next well they drill will be in a different location where they expect to find only gas and little to no water. They will also do a flow test on that well which will provide them with the data needed to determine possible future cash flow from the conventional side of this play. The recent news release outlines the coal seams and thickness they found and anyone who can do the math can figure out the potential here. Also, I feel that the company has deliberately kept a number of cards off the table which in these circumstances, is the proper course of action. This would suggest that what we saw was a bare bones news release that has some major underlying inferences in it to those who can read between the lines! Epic is still in negotiations with multiple companies with regards to all aspects of this play. Some companies are interested in doing a J/V on the CBM project while others want the conventional gas and still others want some combination of all three areas which includes the Turkey property. They have a "letter of intent" from TWO majors and are continuing the talks with them and all other interested parties. From what I gather, the impending merger of SIR and ERB will create a more attractive company for any potential J/V players and may accelerate the ongoing negotiations which would hopefully lead to a conclusion of a deal. I believe that at least one if not more players are just waiting for the merger to take place before they present a respectable offer. Anyone interested in talking to Ken can call him at (403) 212-3791. THIS WAS POSTED ON ANOTHER TRHEAD BY A DIFFERENT INDIVIDUAL - But the posting is very serious business - check it out $0.70 per share right now. The Condo Guy

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