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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (50064)	8/30/1999 12:25:00 PM
From: Jon Cave	Read Replies (1) \| Respond to of 95453

Anybody notice that the bond is back above 6 %. On CNBC they reported that the last retail sales #'s for houses had been revised form like 3 % increase to over a 7 % increase. That is one heck of a increase in sales of new homes. Just wondering how another 1/4 increase in interests rates would affect the oil and NG stocks. 3 interest rate hikes in a row would scare the daylights out of this market. I sold off some hightech stocks on this news. Still holding my NG stocks. .

To: SliderOnTheBlack who wrote (50064)	8/30/1999 6:06:00 PM
From: Robert T. Quasius	Read Replies (1) \| Respond to of 95453

Good news for MEXP. K2 Energy has had more drilling success on the Blackfeet Reservation, which is 50% owned by MEXP.K2 makes second wildcat gas discovery in Triangle zone K2 Energy Corp KTO Shares issued 16,733,035 1999-08-27 close $0.95 Monday Aug 30 1999 Mr. James Livingstone reports K2 Energy's first two exploratory wells drilled into the Triangle zone play on the Blackfeet Indian Reservation in Northern Montana have been cased to total depth and show multiple pay horizons within porous and permeable upper Cretaceous sandstones. The first wildcat discovery well, Osprey No. 1, penetrated sandstones of the Two Medicine formation at a depth of 3,600 feet and encountered 38 feet of net gas pay. This unit is equivalent to the basal sandstones of the Belly River formation in Alberta and has porosities in the range of 12 per cent to 20 per cent and calculated water saturations of less than 50 per cent. The well flowed sweet dry gas during drilling and is waiting on completion to fully evaluate the potential flow rate of the zone. The second wildcat well, Merlin No. 1, has encountered gas pay within the Horsethief formation, equivalent to the Upper Cretaceous Blood Reserve sandstone of Alberta. This zone contains net pay of 54 feet at a depth of 1,400 feet with porosities ranging from 12 per cent to 22 per cent and water saturations of 35 per cent to 50 per cent. A fault-repeated section of the Horsethief was encountered deeper in the well at 2,000 feet. This deeper horizon contains 52 feet of net pay with porosities of 12 per cent to 17 per cent and water saturations of less than 50 per cent. The well is cased and waiting on completion to fully evaluate the flow potential of these zones. A third exploratory well, Osprey No. 2, is planned to be spudded within the next two weeks. Osprey No. 2 will target the Virgelle sandstone, equivalent to the Milk River formation of Alberta, at a depth of 3,500 feet. The well will twin an existing well drilled in 1958, which encountered multiple fault repeats of the Virgelle formation with indicated gas pay on logs. K2 is the operator and holds a 50-per-cent working interest in all wells. The first two discovery wells, approximately three miles apart, are within eight miles from a gas transmission line and demonstrate that the Triangle zone play contains gas in multiple horizons. The corporation has a 50-per-cent interest in approximately 740,000 acres on the reservation which follows the Triangle zone trend approximately 60 miles along strike. K2 has entered into a letter agreement with Brawley Cathers Limited of Toronto involving the proposed sale, on a best efforts basis, of up to 1.6 million units at a price of 95 cents per unit for gross proceeds of up to $1.52-million. Each unit consists of one common share of the corporation and one common share purchase warrant. Each share purchase warrant entitles the holder to purchase one common share of the corporation at a price of $1.30 per share for a period of 12 months from the date of closing, after which time the warrant will expire. The proceeds from the issue will be used to finance the corporation's exploration expenditures and