The WLT numbers have been revised (along with the corporate summary) and I am including it all here. There have also been numerous delays - maybe for the better given the market condition these days...
Drilling in Colorado is now slated for mid to late May, Saskatchewan drilling by mid May as well, and a series of show and tells regarding the Long Valley Prospects coming May 16 - this to bring in a few farmin partners.
Western Logics year begins April 1 and ends March 31,1998 and in the presidents opinion these revised figures will be attainable - $750,000 vs 1.6 million. With any luck the numbers will exceed the estimate but remember, these numbers are ESTIMATES - to achieve these numbers they need some drilling success and/or some production acquisitons to come together.
Corporate Profile
WESTERN LOGIC RESOURCES INC
Symbol: WLT Vancouver Stock Exchange
Current Price: C$.23
1997 Price Range: C$.15 - .33
Share Structure :
Authorized: 100,000,000 Common
350 Preferred
Issued: 8,217,461 Common
350 Preffered
Restricted: 750,000 Common
Free Trading: 7,467,461 Common
Options:
Director 150,000 @ 0.22
( expiry date June 10, 2001 )
President 400,000 @ .21
( expiry date TBA )
Estimated Cash Flow:
1996 112,500
1997 750,000
1998 1.6 million
PARADOX BASIN, U.S.A
DISCUSSION SUMMARY
Project: Montrose County, Colorado, U.S.A
Gross Acres: 22,000
Farmor: Electra Petroleum (U.S.A.) Inc.
Farmee: Western Logic Resources Inc.
Potential Zones: Pennsylvanian, Mississippian, Devonian
Depth of Well: 15.000 feet
Cost of well: 3.5 MM Can.
Spud Date: To Be Announced
Farmin Deal: PSU Bal. Of
Pay BPO APO Lands Encumbrances
Peacock Oil & Gas
Properties: 0% 0% 2.25 % 2.25 %
Electra (Farmor): 0% 0% 6.375% 6.375% 12.5% Lessor
Western (Farmee): 15% 15% 6.375% 6.375% 7.5% NCORR
15% 15% 15% 15% 20.0%
Project costs: Land and Seismic Equalization: $93,750 Can.
Well Cost:
Total Western
D&A: $3.5MM Can. $.525 MM Can.
Complete: $ .7 MM Can. $.105 MM Can.
Total Cost: $4.2 MM Can. $.630 MM Can.
Projected Revenue:One Well (U.S. Funds) 1,000 BOPD x $15/bbl = $15,000/d x 30d = $450,000/m x 12mon = $5.4 MM U.S. ( $7.4 MM Can.)
Total Cost: $4.2 MM Can.
Revenue: $7.4 MM Can.
Payout: 9 Months
Potential Number of Wells: 20
Potential Reserves:
Mississippian ( Leadville Formation)
Primary Recoverable: 180 MM bbls Devonian Secondary Recoverable: 50 MM bbls
Pennsylvanian Secondary Zone: Potential
230 MM bbls
LONG VALLEY, USA
DISCUSSION SUMMARY
Project: White Pine County, Nevada, USA
Gross Acres: 6,700
Farmor: Paleozoic Properties Inc.
Farmee: Western Logic Resources Inc. et al
Potential Zones: Guilmette Carbonate/ Devonian
Pogonip/ Carbonate/ Devonian
Joana Limestone/ Mississippian
Depth of Well: 7,500 feet
Cost of Well: $1.5 MM Cdn
Farmin Terms: Pay BPO APO Encumberances
Western et al. 100% 80% 80% 12.5% Lessor
7.5% ORRI
Project Costs: Land Cost Equalization: $959,000 Cdn
Well Cost:
D&A: $1.5 MM Cdn
Complete: $ .5 MM Cdn
Total Costs: $2.0 MM Cdn
Projected Revenue:750 BOPD x $15/bbl = $11,250/d x 30d = #337,500 x 12 months = $4.05 MM U.S. ($5.54 MM Cdn)
Total Cost: $2.0 MM Cdn
Revenue: $5.54 MM Cdn
Payout: 9 months
Potential Number of Wells: 5
Potential Reserves: 25 MM bbls Devonian Guilmette Structure
CURRENT PRODUCING PROPERTIES
1. Macoun, Saskatchewan
Wells:
Legal description Rights Working Interest Encumbrances
Twp 04, Rge 09, W2M: All P&NG to base 16.666675% 12.8% L.R.
NW¬ Sec 13 Mississippian
Twp 04, Rge 09, W2M: All P&NG to base 22.2222% Crown S.S.
LSD 5, 6 Sec 24 Mississippian
Twp 04, Rge 09, W2M: All P&NG to base 6.6666% GOR BPO Crown S.S.
LSD 7, 8 Sec 24 Mississippian 6.6667% APO
Yearly income: $12,500
2. Tatagwa, Saskatchewan
Wells:
Legal Description Rights Working Interest Encumbrances
Twp 05, Rge 15, W2M: All P&NG 12.50% 18% L.R.
LSD 1.2 Sec 33
Yearly Income: $12,000
3. Seismic Surveys
The company has revenue interests in over 2,000 miles of seismic data in the following areas:
1. Boissevain and Souris River, Manitoba
2. Gull Lake, Saskatchewan
3. Stettler, Alberta
4. Chinchaga, Alberta
5. Peace River, Alberta
Yearly income, average: $100,000
Total yearly income all sources: $175,000 |
