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Gold/Mining/Energy : The New Osprey Limited -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (145)	8/1/2001 7:54:50 AM
From: The Osprey	Respond to of 338

NEWS OUT!!! Osprey Energy Ltd (2) - News Release Osprey Energy acquires interest in seven PEI permits Osprey Energy Ltd (2) OEL Shares issued 7,300,000 2001-07-30 close $0.76 Tuesday Jul 31 2001 News Release Mr. R. Gary Malone reports The company has purchased a 10-per-cent working interest in seven onshore exploration permits for conventional natural gas and coal bed methane on 642,128 acres of Prince Edward Island (PEI). This represents nearly 50 per cent of the land mass of the island. Osprey also has an option to acquire an additional 15-per-cent interest within 120 days. There is ample evidence of conventional gas reserves on the island and in adjacent areas of the Maritime basin. One well off East Point, PEI, which flowed at a rate of five million cubic feet of gas per day in 1974, has an estimated reserve of 77 billion cubic feet of gas. A well about three miles away, which was recently drilled and cased, will be tested over the next few weeks. Another Maritime company with reported reserves on PEI has successfully tested a well near Sussex, N.B., which flowed at a rate of more than two million cubic feet of gas per day. A mapping of the island's onshore coal seams by the Atlantic Geoscience Centre of Dartmouth, N.S., estimated coal bed methane (CBM) potential of approximately 7.6 trillion cubic feet of methane gas. New technology for extracting methane gas has spurred the growth of CBM production in the United States over the last 10 years so that 8 per cent of U.S. gas production is now CBM. Nine of the 13 coal basins in the U.S. have CMB production in the same depth range as the methane-producing coal beds in the U.S. In Nova Scotia, seismic fieldwork on a 220,000-acre tract between Debert and Parrsboro in which Osprey has a 15-per-cent working interest (with an option to increase to 25-per-cent) has been completed. Computer processing should generate a first interpretation of the data by the middle of August. Seismic and geological work conducted in the area over the past several years indicates potential reserves of up to 345 billion cubic feet of gas and 75 million barrels of oil. Two recent independent analyst reports have been published with favourable reviews of the company. One issued a "buy" recommendation based on the company's promising cash flow projections while the second noted that Osprey was undervalued relative to the market when viewed in relation to recent acquisition prices for junior and emerging oil and gas companies. These reports are available on Osprey's Web site at www.ospreyenergy.com. The private placement for 1.5 million units at 75 cents, approved by the Canadian Venture Exchange in June, has been oversubscribed by 450,000 units, bringing the total placement to 1.95 million units. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com Looks to me like this was the completeion of the deal they announced earlier regarding PEI.....None the less they must have to report when it was finalized and shows that they are serious with the play.Over 60& of the island with an interest can't be bad and the timing with ONG.V set to release news any day now makes this release very timely.IE....If ONG.V has good results on PEI with the testing of the well then OEL and The rest of the gang should garner attention as well.Let's keep our fingers crossed. Hope everyone is enjoying the summer. The Osprey