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

To: stan_hughes who wrote (8173)	4/23/2001 2:21:52 PM
From: Big Shorty	Respond to of 24925

Thanks, there's enough on that forum to keep me busy for while. Jim

To: stan_hughes who wrote (8173)	4/23/2001 4:46:39 PM
From: Richard Saunders	Read Replies (1) \| Respond to of 24925

Heads up- acquisition alert. BNP is on the prowl. Noticed a news release today for Bonavista BNP-tse & they are boosting their previously announced (Feb. 26 news release) 2001 capex by just over 38% or $65mil. to $235mil. Included in capex is an allotted $130mil. for acquisitions...... $27WTI and C$7gas being used for capex models. Here's part of today's snippet. BONAVISTA PETROLEUM LTD. TSE SYMBOL: BNP APRIL 23, 2001 - 16:05 EDT Bonavista Petroleum Ltd.: Announcing Expanded 2001 Capital Budget CALGARY, ALBERTA--Bonavista Petroleum Ltd. ("Bonavista") is pleased to announce today that as a result of year to date success in its acquisition, exploration and development capital programs and strong performance in its operational and financial results, it is increasing its 2001 capital budget by $65 million to $235 million from $170 million. This increased capital budget will be used to expand Bonavista's drilling program from 160 wells to 180 wells and to increase its acquisition program to $130 million. This expanded capital program will correspondingly increase Bonavista's 2001 average annual production volumes to 30,100 boe per day (6:1 conversion basis) and increase our 2001 exit production rates to 35,100 boe per day from the previous targets of 25,500 boe per day average and 27,600 boe per day exit production rates. These operational results, along with increased commodity prices expecting to average $7.00 per mcf wellhead and $27 US WTI per barrel, are anticipated to increase Bonavista's 2001 cash flow to $270 million ($9.40 per share) and net income to $115 million ($4.00 per share) from the previous budget amounts of $220 million ($7.70 per share) in cash flow and $95 million ($3.30 per share) in net income.