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

To: kingfisher who wrote (9590)	2/20/2003 11:38:44 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24921

Kingfisher / DEF & RME Rocky Mountain Energy is in my TIER III Portfolio and amounts to 9.6% of the portfolio. I'm not sure if I looked at Defiant. Will take a look at it sometime this week.

To: kingfisher who wrote (9590)	2/20/2003 12:42:55 PM
From: Kerm Yerman	Respond to of 24921

Kingfisher / Defiant Energy I did take a look at Defiant Energy two weeks ago. The third quarter report caught my attention. However, I put the company on my lesser priority watchlist. I wanted to see their annual report before I formed an opinion on the company. What bothered me a little was the selling of their Sunset gas plant. They had to be strapped for cash. Development of the Sunset acreage was their priority in drilling this year. Why didn't they simply raise the capital - other than sustaining debt. This kind of puzzled me. Their debt is also high. I realized they had production coming on board in the fourth quarter, but I wanted a clearer picture - keeping in mind that cash flow was also down 19% thru the first nine months. Although they announced a record activity year in the report, I noticed that their capital expenditures were down 37% compared to the prior year. Even being down 37%, it was aggressive spending - a little over 2-1/2X cash flow. This was my thinking before the release of the Reserves report today. That caught my eye. They also mentioned forward type info that interested me. In a little over two weeks, we will see their annual report. Right now, it looks like my concerns can be put to rest.