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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (6)	5/2/2001 10:12:59 AM
From: Richard Saunders	Respond to of 56

CUW-tse Shareholder Maximization Efforts Continuing MAY 2, 2001 - 08:28 EDT Causeway Announces Medicine Lodge Success CALGARY, ALBERTA--Causeway Energy Corporation (CUW-TSE) today announced that the recently drilled Medicine Lodge Well has been perforated and is flowing at an unstimulated rate of 4.5mmcf/d. Testing is continuing and initial production expected to commence during Q3 should be 4 mmcf/d plus 200 bbl/d of liquids. Causeway has earned a 37.5% interest in the well and is the operator. Causeway further announces that at the most recent Alberta land sale Causeway was the top bidder securing a 100% interest in 3 offsetting sections to the Medicine Lodge Well and a 50% interest in two additional adjoining sections. Causeway has plans for 3 offset development wells. Causeway further reports that it has drilled and cased the first 11 wells of the 70 well development and exploration program at Battle Creek, Montana. Causeway is currently producing 8.5mmcfe/d and has an additional 4.5mmcfe/d behind pipe. Causeway has increased its exit rate target to 20mmcfe/d up from 14mmcfe/d. Assuming a Q3 start-up of the initial Medicine Lodge Well, Causeway will exceed $1 per share cash flow for 2001. Causeway's current net debt is approximately $6 million. Causeway is continuing efforts to maximize shareholder value through a bid process being coordinated by Waterous & Co. with bids due May 17, 2001. This process could result in the sale of the Corporation.