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

To: GVTucker who wrote (6905)10/19/1999 2:43:00 PM
From: SofaSpud  Read Replies (1) | Respond to of 24940
 
MEL:

I have no info on this at all (inside or otherwise), but if I had to guess, I'd say that they got overextended on the bank line; the bank was willing to go along given high prices, but a string of dry holes/ production growth shortfalls made them uncomfortable. Just a WAG.



To: GVTucker who wrote (6905)10/20/1999 12:38:00 AM
From: johnlag  Read Replies (1) | Respond to of 24940
 
MEL - T

On further review, 18 dry holes were drilled in September (reported). Also on the bad news front, some of the service companies working for Merit aren't being paid.

Good luck if you are long, it doesn't sound very good at this juncture.


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