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Gold/Mining/Energy : Kintail Energy, Natural gas producer -- Ignore unavailable to you. Want to Upgrade?

To: Steve Joy who wrote (4)	12/1/1999 1:49:00 AM
From: Richard Saunders	Read Replies (1) \| Respond to of 6

Another one looks like it will disappear - Cdn. Hunter will pay (subject to 90% shareholder approval) $3.10 cash. Kintail started Nov. 12, 1997 as a $0.20 jr. capital pool stock. Assuming deal goes thru Cdn. Hunter appears to be paying about $11/barrel of oil equivalent for proven reserves and about $9.50 for proven + probable (80% gas and just over 70% proven). KTE properties were forecasted to average about 2500 boepd in 2000. Sale price works out to just under $19,000 on a per flowing barrel basis using year 2000 assumptions....... Conference call by Cdn. Hunter indicated they will be establishing a new core area and are using Kintail assets, including farm-in land, to jump-start the process. Expectation is that operating costs for Kintail (currently running "high" at around $0.70/mcf) should be able to be pared back. $12mil of tax-pools were also included. Nice call Steve - decent return if you were in since day one.