SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Tracer Petroleum (TCXXF)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: ziad daoudi who wrote (127)3/13/1997 7:17:00 AM
From: Mohan Marette   of 1261
 
Ziad, here is something from the company. Nothing new though! I guess
we have to dig in and wait......
______________________________________________________________
Subject:
Re: Tracer prospects for 97?
Date:
Thu, 13 Mar 97 02:03:38 +0000
From:
Tracer Petroleum Corporation <Tracer@ultranet.ca>
To:
Mohan Marette <cyberian@worldnet.att.net>

At 12:12 PM 3/12/97 -0800, you wrote:
>Attn: Mr.Ed Mowatt (CFO)
>
>Dear Sir,
>
>Almost 3 months have passed since the new year and Tracer investors
>have not heard any substantial news from the company since then, except the appointment of the consultant and approval of the budget etc.
>
>We know negotiations have been going on for a long time to find a JV
>partner without any result so far! Also there hasn't been any drilling activity for quite some time. All this makes one wonder as to the future of the company!!
>
>Could you kindly elaborate as to what the company's current status/
>position is in developing new wells as well as progress in finding
>someone as JV partner. How long do we (the investors) have to wait to hear some good news from Tracer.
>
>Hoping to get a email reply at the earliest.
>
>Best regards
>M.marette
>(A worried investor)
____________________________________________________________________

Dear Mr. Marette

Thank you for you e-mail. With respect to your questions regarding the progress and current status of Tracer, the intent is to drill 3 wells in 1997 when a partner is identified. Management feels that to drill where the risk for Tracer is 100% is not in the best interest of the shareholders.

All of Tracer's equipment including the drilling rig were recently inspected and found to be in excellent shape. We have identified a number of drillable prospects but will not formalize a drilling plan on any location since a joint venture partner will want some input as to the site chosen.

All of us share your impatience re: signing a partner however as you are aware no one can be forced to sign on the dotted line. We currently have a number of parties who are in various stages of reviewing our data.

I share your concerns regarding timing and will issue an update as soon as meaningful developments are achieved.

Regards

Ed Mowatt
Chief Financial Officer
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News