Grey Wolf GWX - was Cascade COL - ASE Message Board

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Gold/Mining/Energy : Grey Wolf GWX - was Cascade COL - ASE

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To: marcos who wrote ()	8/24/1998 6:33:00 PM
From: Enigma	Read Replies (1) of 80

This company just completed a $13 million financing in a very difficult market. Stock went from approx 76 million to 127 million issued - considerable dilution - but not when you consider that assets and cash flow have been tripled!! This is because the company was able to acquire the balance of the ex-Pacalta assets, thereby increasing its stake in these assets from 8% to 100% Company has a strong balance sheet and it is anticipated that cash flow will increase to $10 million p.a. by year end - allowing for no exploration success in the meantime. Presently drilling with Shell and Esso large exploration well in SW Alberta - target date about 3rd week Sept. GWX has 15% interest. Company will drill 5 high impact wells this coming season - 2 in NWT beside Norman Wells Oil Field (Canada's largest producing field) and 3 in N. Alberta. All of these wells have huge potential. Parent of Grey Wolf is Abraxas of Denver (AXAS). Grey Wolf manages AXAS's Canadian production for a fee based on costs. Grey Wolf is therefore fully staffed to take on large projects without addition to overhead costs -for example it already operated the Pacalta assets which it bought through AXAS Production now running at 1800 boe/day price of stock should be around rock bottom here - lack of publicity the main reason Company is proceeding to list on TSE. E

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