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

To: Kerm Yerman who wrote (9670)	3/4/2003 5:48:27 AM
From: Kerm Yerman	Respond to of 24921

Portfolio Stock / Bow Valley Energy Ltd. Bow Valley Energy Ltd. Announces Approval of Sale of UK Onshore Assets CALGARY, March 3 /CNW/ - Bow Valley Energy Ltd. (TSX -BVX) is pleased to announce that the sale by its wholly owned subsidiary Bow Valley Petroleum (UK) Limited "Bow Valley" of its equity interest in three UK onshore licences in the Wessex Basin to Egdon Resources (U.K.) Limited "Egdon", previously announced on January 29, 2003, has been approved by the UK Department of Trade and Industry and Egdon's shareholders. Bow Valley's interests in the three licences, prior to the assignment, are PL090 (41.66%), PEDL048 (45%) and PEDL072 (37.5%). The Sale and Purchase documents are in the process of being signed. The total consideration for the sale of the interests in the three licences is pnds stlg 500,000 in the form of a payment of pnds stlg 150,000 upon signing the Sale and Purchase Agreement and the issuance upon completion of a convertible unsecured debenture with a face value of pnds stlg 350,000 in favour of Bow Valley. Egdon will have until December 31, 2004 to redeem the debenture for cash; during which time Bow Valley will be granted the right to convert the debenture into 1,627,907 ordinary shares of Egdon. In addition, Bow Valley will retain a Gross Over-Riding Royalty on the assigned Bow Valley interests of 5% on production from below the Jurassic Formations and 3% on production from and above the Jurassic Formations. Bow Valley Energy Ltd. is an oil and natural gas exploration, development and production company with operations in western Canada and the U.K sector of the North Sea.

To: Kerm Yerman who wrote (9670)	3/4/2003 6:33:52 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24921

Portfolio Stock / Thunder Energy Inc. Thunder Energy Inc. Reports Year-End Reserves CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSX) today announced results from its independent year-end reserve evaluation prepared by Sproule Associates Limited (Sproule), which evaluated 100 per cent of the company's reserves. The reserve determination process was reviewed and approved by Thunder's reserve committee, which is made up of independent members of the board of directors Total net reserve additions were 4.2 million boe, up 15 per cent over year-end 2001. Drilling added 4.1 million boe and 582,000 boe came from acquisitions, offset by 477,000 boe in reserve revisions. Thunder continued to emphasize natural gas drilling, with natural gas additions accounting for 94% of reserves added during the year. Due to the experimental nature of Thunder's coal bed methane program, no reserves have been assigned to this resource in this year's report. Natural gas production for the year averaged 31.1 mmcf/d an increase of 19 per cent over 2001 and Crude oil and liquids production averaged 1,665 bbls/d, an increase of 11 per cent over the previous year. Proven developed producing reserves on January 1, 2003 represented 74 per cent of total proved reserves as compared to 72 per cent on January 1, 2002. Total capital spent for 2002 was $35.7 million resulting in proven finding and development costs (F&D) of $7.85/boe and proven plus probable F&D costs of $8.43/boe. During the year, Thunder drilled a total of 51 (43.2 net) wells with $26.8 million or 73% of capital directed towards the drill bit, $5.3 million was spent on land and seismic, $2.4 million on acquisitions and $1.1 million was spent on facilitates. "Our core properties continue to yield excellent finding rates for natural gas as indicated by this years finding and development costs " said Doug Dafoe, president and chief executive officer.

To: Kerm Yerman who wrote (9670)	3/4/2003 10:58:50 AM
From: Kerm Yerman	Respond to of 24921

Portfolio Stock / First Calgary Petroleums Ltd. First Calgary Scraps Yacoub Well in Algeria 18:17 EST Monday, March 03, 2003 TORONTO (Reuters) - First Calgary Petroleums Ltd. said on Monday that it was abandoning one of its wells in Algeria after encountering non-commercial oil. First Calgary said it was scrapping its YCB-1 well in the Yacoub block and would review its future drilling plans for the block. The company also said tests from its MLE-2 gas well in its Ledjmet block showed production levels well below the results from its nearby MLE-1 well. Shares of the company, which had been halted pending the news, fell C$1.23, or 39.7 percent, to close at C$1.87 on the Toronto Stock Exchange on Monday.