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

To: Claude Cormier who wrote (7821)	12/4/2000 6:41:42 PM
From: Jim P	Respond to of 24905

Not bad numbers..... Saxon Gold Corp. 12/4/00 - Name Change and Production Update SAXON GOLD CORP ("SAX-V") - Name Change and Production Update Chris Wright, Director, reports: Saxon Gold Corp. (the "Company") is pleased to announce that shareholders approved the change of name from Saxon to "Avatar Petroleum Inc." at the Extraordinary General Meeting held on Friday, November 24, 2000. The Company is expecting final approval from the Canadian Venture Exchange shortly and will then trade under the new name. Shareholders also approved the disposition of all mining properties and mining interests currently held by the Company. The Company has closed on a private placement of convertible debentures to raise gross proceeds of $500,000 (Cdn). The debentures mature in two years from the date of issue and are convertible into common shares of the Company at a price of $0.85 per share. The debentures bear interest at 12% per annum payable quarterly in arrears in cash or, at the election of the holder, in common shares at market price of the Company's shares on the Canadian Venture Exchange on the third trading day preceding the date that payment is due. The Company has the right, commencing one year after the issue date, to require the holders of the debentures to convert the debentures, if the average closing price of the Company's shares over the 20 consecutive trading days prior to the date notice is given exceeds $2.55 per share. The debentures are redeemable by the Company at any time after one year from closing on 30 days notice, however, the holder may convert prior to redemption. On redemption or payment at maturity, the Company will pay, in addition to principal and interest, a redemption premium of 25,000 common shares for each $100,000 redeemed or repaid. The debentures will be secured by a first charge security interest over all the present and after-acquired property of the Company, subject to the agreement of the holders to subordinate that charge to the security granted to a chartered bank or other senior lender providing a term loan or operating line to the Company or any of its affiliates for US $1 million or more. Proceeds from the private placement will be utilized to manage cash flow variations relating to the Company's Tiguino Project. The Company is also pleased to announce that Ecuador's Hydrocarbons National Directorate has approved an additional 3,600 barrels of oil per day ("BOPD") of pipeline access for the Tiguino field. The previous allowance was 2,400 BOPD and with the additional allowance the field has been granted pipeline access totaling 6000 BOPD. The Tiguino field, of which Saxon has a 30 % interest, has seen a steady increase in monthly and average production rates since July. Monthly rates are as follows: MONTH TOTAL AVERAGE JULY 44,334 BBLS 1431 BPPD AUGUST 45,702 BBLS 1471 BPPD SEPTEMBER 65,699 BBLS 2190 BPPD OCTOBER 74,662 BBLS 2408 BPPD The Tiguino field has the ability to produce at higher rates but was constrained by pipeline access. The additional pipeline access granted this week and the recently announced construction of the new pipeline from the Oriente Basin to the coast should all work toward ensuring the Company is not pipeline constrained. The operator of the Tiguino field, Bellwether Exploration Co. (Nasdaq: BELW) has advised the Company that a 3D seismic program will be undertaken in the first quarter of 2001 and that it will be followed by the drilling of a minimum of four new wells in 2001. TEL: (604) 689-8336 Saxon Gold Corporation FAX: (604) 689-5564 ______________________________________ ___________________________________________________________________ (

To: Claude Cormier who wrote (7821)	12/4/2000 9:40:55 PM
From: John Trudeau	Read Replies (1) \| Respond to of 24905

Claude, prices are amazing. I spoke to my gas trader contacts today and they are "scared" of where prices are headed. Jan 2001 gas contracts are now at $10.50 / mcf, and the cold weather hasn't even hit. The market will wake up... eventually. A ton of money is out of the techs now, as 95% of the high flyers have fallen back to earth. Many spec plays, as you know, are at 1/10 of their highs. And, they're running out of cash & time. So, for those savy players who made cash on the techs, where else can they put their money? There's no compelling reason to put it back in the techs, and the resource sector, while unable to offer 5 or 10 baggers, can offer an easy 25-50% over the next 3 months - IMO. But who knows? The money may remain parked until the techs become attractive again. Given the history of the resource sector (especially the Juniors), the risk/reward ratio may not be enough to attract today's investors back. Hang in there. If nothing else, owning resource stocks should make paying those high utility bills a bit easier:) JT