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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (9630)	10/1/2002 7:06:03 PM
From: The Osprey	Respond to of 11802

OEL-v in the news.... Osprey Energy Ltd (2) - News Release Osprey to acquire 25-per-cent Louisiana interest Osprey Energy Ltd (2) OEL Shares issued 10,908,621 Oct 1 2002 close $ 0.35 Tuesday October 1 2002 News Release Mr. Bernard Robichaux reports Osprey Energy has reached an agreement for the acquisition of a 25-per-cent interest in a promising oil and gas drilling prospect on the northern flank of the Woodlawn prospect in Jefferson Davis parish, located in Louisiana. The anticipated operator, a large Denver-based oil and gas company, is expected to drill the first well on the 225-acre property this fall. The agreement is subject to regulatory approval. The Woodlawn prospect is part of the extensive Hackberry trend which runs from West Texas through southern Louisiana. The Hackberry trend has recently become a prime focus for exploration and production, as 3-D seismic has markedly improved the risk profile in the area. New 3-D seismic indicates amplitude abnormalities associated with pay sands that have drilling success rates of about 80 per cent in the Hackberry trend. The seismic defines a structure that consists of a north-plunging nose truncated by a large down-to-the-south fault. The primary objective interval is a lower Hackberry sand which appears to be a large channel deposit that is associated with a significant amplitude anomaly. The success rate with similar anomalies in the trend would suggest the potential of significant hydrocarbon deposits. Osprey is purchasing its 25-per-cent working interest in the Woodlawn property from BPR Energy for $380,000, which will include 500,000 shares at 40 cents per share and $180,000 in a long-term note at 6 per cent payable over two years. Bernard Robichaux, the president of Osprey, is also the president of BPR Energy. WARNING: The company relies upon litigation protection for "forward-looking" statements.