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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Len Hynes who wrote (6852)	9/20/1999 10:24:00 AM
From: DoubleOddBuck	Read Replies (1) \| Respond to of 24921

Dundee rights offering oversubscribed Dundee Petroleum Corp DPC Shares issued 13,654,001 Sep 17 close $0.30 Mon 20 Sept 99 News Release Mr. Michael Kryczka reports Dundee Petroleum's rights offering, which expired at 4:30 p.m. on Sept. 16, 1999, was oversubscribed by $113,184. As a result, Dundee has raised net proceeds of approximately $613,240 and will issue an additional 3,396,000 common shares. Emerging Equities Inc. acted as manager of the dealer soliciting group for the rights offering. Proceeds from the rights offering will be used to pay a portion of Dundee's share of the cost of drilling 40 new shallow gas wells recently completed on the company's core property at Cessford in southeast Alberta. These wells are currently in the process of being tied-in for production from the Medicine Hat and Milk River formations. With the 40 new wells at Cessford expected to be on stream by October, Dundee anticipates a 1999 exit production rate of 240 barrels of oil equivalent, consisting of 73 per cent natural gas (1.75 million cubic feet per day) and 27 per cent oil (65 barrels per day). The Cessford property contains the potential for at least 130 additional wells, representing total reserves attributable to Dundee's interest of 8.53 billion cubic feet proven and 12.14 bcf proven plus probable, 60 per cent of which are undeveloped. Dundee's full-cycle finding and on-stream costs at Cessford average 50 cents per thousand cubic feet. In the year 2000, Dundee plans to add to its production base through the drilling of an additional 100 wells at Cessford, increasing its total natural gas production to four mmcf/day.