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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Steelguy who wrote (6110)	10/25/1999 8:58:00 PM
From: Mr. Oil	Read Replies (1) \| Respond to of 15703

I got to say I was a little but not a lot surprised today at the sell off. I think there are those who listen and watch for good news (the flare and the BKP NR as an example) and sell into it no matter what the upside is. In other words they don't get caught up in the 'big kahoon' trap. They take little profits all along the way and repurchase when the price drops. "Nobody goes poor taking little profits"... and " "take your profits or someone else will" are a couple of quotes that come to mind. Most often they don't really miss the big kahoon anyway as the swings accomadate the traders. I actually thought of selling some today...I decided not to sell at $5.00 when I had the chance so I put a stop loss in and $4.89 in case the demand went soft. Sure enough it went soft and I pulled the stop loss before it got hit. I find selling this play the hardest thing in the world to do these days and I wonder if I will not regret it. The possiblity of good news that brings a wave of strong buying for a 5 day period just seems to keep me hooked. I wonder how much is greed and how much is just good management? Time will tell. There is gas down there we know...how much is the unknown. I wish us all a nice run to all time highs before spring. Ray

To: Steelguy who wrote (6110)	10/26/1999 1:11:00 AM
From: Brumell	Read Replies (2) \| Respond to of 15703

More background news on ELH#1R...... Californian staff writer e-mail: bchristie@bakersfield.com LOST HILLS ? Crews have finished completion work on a natural gas well at the site of last November's spectacular blowout and have begun initial cleanout and testing of the replacement well drilled at the site. As a result, natural gas is again being flared at the site, about two miles northwest of Lost Hills in western Kern County. Initial plans call for about two days of flaring to clean drilling mud and debris from the well bore, according to Michael Rose, president of Calgary-based Berkley Petroleum Corp., which is operating the well. After the initial cleanout and subsequent technical testing, a full four-day series of flow tests are set to begin later this week, Rose said. A two-week shut-in will then test the reservoir pressure, giving the first good technical look at what many believe could be a huge new natural gas reservoir. The replacement well was initially used to stop the blowout, which happened Nov. 23 and burned for two weeks. Water then began flowing, with the gas coming from more than 17,000 feet deep, snuffing the fire. The well then flowed an uncontrolled mixture of natural gas, condensate and water for six months. Drillers for Nabors Drilling USA intercepted the well bore of the out-of-control well using the relief well and successfully "killed" it May 28. The well was then redirected as a replacement, encountering the same deep, unexplored gas reservoir in August. After encountering some of the same pressure problems that caused the first well to blow out, the consortium of Canadian and U.S. independent oil companies elected to complete the well without further drilling. After the initial testing is complete, Rose said, a shut-in test will give the first definitive information on the new reservoir. "You need to see the down-hole pressure results from both the down-hole test and the flow rates to do a good analysis," Rose said.