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

To: Buckey who wrote (7134)	2/18/2000 8:09:00 PM
From: kingfisher	Respond to of 24921

Buckey I wish you would post it.My new puter or perhaps its that f...en mister softee software that wont allow me to cut and paste within certain web sites. Thanks, Richard

To: Buckey who wrote (7134)	2/18/2000 9:14:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 24921

MGY-T Magin Energy announces corporate reserves and Copton activities CALGARY, Feb. 18 /CNW/ - MAGIN ENERGY INC. (TSE: MGY) Magin announces the results of its independent corporate reserves report prepared by Paddock Lindstrom & Associates Ltd. (the ``Report') which was reviewed at a special Audit Committee meeting. The Audit Committee met with the company's independent reserve evaluators and external auditors. Pursuant to the Report, at January 1, 2000, Magin has 22.0 million barrels of oil equivalent (BOE) of proven reserves, 26.6 million BOE of established reserves and 31.3 million BOE of proven plus probable reserves. Established reserves include proven and 50% of probable reserves. Gas conversion to BOE is based on ten thousand cubic feet per one barrel of oil. Magin added 6.86 million BOE of proved reserves and 7.85 million BOE of established reserves in 1999 through acquisition, exploration and development activities. Based on unaudited capital expenditures of $57.5 million, finding and development costs were $8.37 per proven BOE and $7.32 per established BOE. This compares to $10.78 per proven BOE and $9.29 per established BOE in 1998. Excluding 1999 capital expenditures related to the exploration project at Copton, Alberta, finding and development costs were $6.94 per proven BOE and $6.06 per established BOE. Reserves related to Copton will be booked in 2000. Revisions to opening proven reserves in 1999 totaled 1.5 million BOE or 6%. Due to competitive considerations, Magin and its partners at Copton have not previously released information regarding drilling activity. Magin participated in two wells during 1999 at Copton. One well was completed in a Cretaceous gas horizon and tested at a rate of 6.2 million cubic feet (mmcf) per day. A second zone had previously tested gas. The second well tested 4.0 mmcf per day out of 2 Cretaceous zones. Drilling of one additional well is underway with a second to commence shortly. An additional 2 to 4 wells and a 23-mile pipeline is planned in 2000. The company's net asset value based on established reserves valued in the Report at a discount rate of 10% is $5.07 per basic share. The calculation excludes value for seismic and includes $38.4 million for 403,000 net acres of undeveloped landholdings valued by an independent evaluator as at December 31, 1999 Daily petroleum and natural gas sales averaged 9,367 BOE during 1999, comprised of 6,164 barrels of crude oil and liquids and 32 mmcf of gas. Audited financial results will be released following Audit Committee approval on March 3, 2000. The annual meeting of shareholders of Magin will be held on Friday, May 5, 2000 at 10:00 am at the Metropolitan Centre, Calgary.