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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: grayhairs who wrote (1169)	10/21/1999 8:18:00 PM
From: kingfisher	Read Replies (2) \| Respond to of 1207

Hi Grayhairs, Some news from Renata's 3rd Quarter. .................................................................... "In the Gunnell area of northeast British Columbia, drilling operations have concluded on a second well at b-95-K/94-1-12. This well is currently awaiting completion and was production-tested at a final rate of 2.2 million cubic feet per day sweet gas and 20 barrels per day of natural gas liquids. The area is prospective for sweet gas at modest depths (1,000 to 1,500 metres) within the Jean Marie Formation. A follow-up drilling program is planned over the winter in this new core area where Renata holds an interest in 30,333 gross (5,308 net) acres of land." ...................................................................... With the Sahteneh well production tested at 2 million a day and 20 barrels of liquids these two wells in NEBC will have gross production of 460 boe with Tusk's share BPO of 138 boe.Net backs with gas prices above $3.25 should be around $25 per boe give or take a buck or two. Cash flow to Tusk from these first of many wells in this area exceeding $100,000 per month initial flow rates with over 7 bcf of gross reserves behind pipe. Not exactly world class but a solid low risk situation with further upside upon resolving technical glitches. Have a pleasant evening, Richard