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Gold/Mining/Energy : Westfort Energy Ltd. (WT-T)

WT 11.59

-0.6%

Nov 7 9:30 AM EST

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To: M. Merriam who wrote (1045)	8/17/1998 8:55:00 PM
From: bhg	Read Replies (1) of 1288

Hi Mike, Yes Mike these figures are impressive. They are not "too good to be true". They are true! And they are not overestimations like you get from most oil companies. These are "Primary Recovery". WT doesn't get into the secondary or tertiary because that is another ball-game, although it will be profitable and moreso than other oil co.'s. Harold Karges, Certified Petroleum Geologist, recently evaluated the Smackover reserves in the 18-4 well. He says "there will be approximately 400,000 long tons of sulfur extracted from the H2S and 67bcf of CO2 gas which can be sold in an existing market in the area." WT will probably drill 10-12 wells in this area. "There is a developing market for CO2 in the area, along with the infrastructure in place. The area has CO2 processing plants within a few miles of the property. Also CO2 pipelines are in place that can be used to supply other fields with CO2 for secondary recovery usage. Wells to obtain CO2 are being drilled in the area to supply these markets...we will end up separating the CO2 and selling it as a profitable byproduct." The market is in the area so the shipping costs are zip. Gas is only sluffed off only if there isn't an infrastructure to capture it. Mike maybe you should check your garbage more closely. WT will drill new wells as they see fit. There are no plans that I know of to issue new shares. Dilution is NOT an issue. As they recover and sell the oil, they will start new wells. If they feel it will be in their best interests to finance any of this then they will do that. I have confidence in the ability of those running this company. The only problem I have seen so far is the lack of sufficient staffing in their marketing division. You asked about recovery costs. Yes these are primary recovery costs of primary recovery reserves. Secondary and tertiary recovery reserves will also be profitable. Since some of those costs are lessened by the CO2 etc. on site it will be more profitable then other oil companies secondary and tertiary reserves. Mike I hope this helps. Remember, I don't post stuff that I can't back up with first hand info. because 1. It's not worth my time and 2. It's unethical and 3. It isn't necessary...truth is better than fiction. Best Regards, Bruce

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