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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Paul Shread who wrote (27126)	1/7/2002 10:43:36 AM
From: isopatch	Respond to of 52237

MWP up over 11% on news from Alberta finance.yahoo.com <MarkWest Reports on Fourth Quarter Canadian Exploration Success DENVER, Jan 7, 2002 /PRNewswire via COMTEX/ -- MarkWest Hydrocarbon, Inc. (Amex: MWP), today reports that successful drilling has resulted in increased production levels from its southeast Alberta properties. The overall fourth quarter drilling program had a 100 percent success rate. The seven-well drilling program was solely operated by MarkWest, resulting in seven gas wells being drilled and cased. The drilling program was conducted for US$1.8 million and added proved net interest reserves estimated by MarkWest engineers to be approximately 4.5 Bcfe (billion cubic feet equivalent) for a finding and development cost of $0.42 per thousand cubic feet. The initial flow rate of 5,000 Mcfe/d for the seven wells-plus previously unconnected wells-brought the year-end production rate to 21,200 Mcfe/d (95 percent gas) for the Canadian operations, up from 14,100 Mcfe/d at the time of the August transaction. At year-end, five additional wells remained unconnected and are scheduled for first quarter 2002. Other fourth quarter accomplishments include completion of 3D seismic programs covering 25 square miles, which is expected to support many additional drilling locations. New gathering facilities mentioned in our December release will permit rapid hookups of newly drilled wells. The 2002 baseline exploration budget is set at $11 million and involves the drilling of 41 gross wells (35 net wells). Farm-in opportunities are being pursued aggressively to complement our three core areas. John Fox, President and CEO, commented, "Congratulations go to our Canadian exploration team for their continued outstanding success. With an inventory of hundreds of drillable locations, the growth is expected to continue." Total MarkWest production of natural gas at year-end, including the San Juan basin and Michigan, was 30,700 Mcfe/d. MarkWest Hydrocarbon, Inc., operates through two business segments: gathering, processing, and marketing; and exploration and production. The gathering, processing, and marketing portion is our traditional "midstream" business, which involves gathering natural gas from the wellhead and removing impurities along with the valuable natural gas liquids for sale. The exploration and production segment produces natural gas in Colorado, New Mexico, Michigan and Alberta, Canada. Not only is this second segment growing very rapidly, but it also helps drive our midstream business as we provide services to other producers. On August 10, 2001, MarkWest acquired for $50 million the shares of two privately owned natural gas production companies active in central and southeast Alberta. The management of these companies has continued with MarkWest. The acquisition included 26 Bcfe of proved reserves (95 percent natural gas), 106,000 net acres, and an inventory of 300 drillable locations. The properties feature low-cost, shallow drilling for multiple pay horizons, with year-round drilling access. MarkWest is supplementing this acquisition with a midstream investment in gathering and compression facilities in the area.> quotes.freerealtime.com. (Mentioned position in a recent post. But don't usually talk a lot about it. With volume so low you really can't trade it. Basically play is to build moderate size positions as close as possible to major lows and hold them for Intermediate to Long Term gains. Only substantial add for 2001 was earlier in Dec @ $6.18.) Isopatch