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Gold/Mining/Energy : Tusk Energy (TKE)
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To: Scotchman who wrote (1068)3/12/1999 11:43:00 PM
From: kingfisher  Read Replies (1) of 1207
 
Scotchman,
For the record Grayhairs always maintained that Tusk was the better company to participate in the potential upside offered from Strachan.

As far as why did Tusk decide to reduce their interest in this one well?I can only speculate.

1)They are still attempting to increase their interest at Meekwap.
2)A recent well drilled at Carvel is under confidential status.Assuming you live in Calgary suggest you dig into what is happening with that situation and let me know what you find out.More land being accumulated??
3)"Clown show" I can not comment on what Tusk's opinion is of this situation but from my perspective as a shareholder it is very exasperating to see a well take such a long time to be put into production.Canadian 88 recent well at Strachan was drilled,cased,tested and in production in less than 4 months.But then they did not have to deal with 6 partners and have to take a week to decide if they should order Swiss Chalet or Pizza Hut for lunch at their next meeting.Almost $2 million in gross revenues will have been lost by delaying tie in on this well.The shallow well should have been spudded much earlier.And do not forget the potential remaining in the Swan Hills formation.Substantial revenue lost .
You and I could have handbombed the trench for Strachan pipeline by now.
To be fair do not forget this discovery was made at a time of record low oil prices.The upside is that the gas not flowing at $2.25 per mcf today may sell next year for $3.25 per mcf.

Hope that a major player gets involved again soon in the Strachan play.

Have a good weekend,
Richard
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