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Gold/Mining/Energy : MILL CITY MIY-V -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (655)	5/12/2003 8:58:57 PM
From: eyewatch	Read Replies (2) \| Respond to of 707

Stockwatch News Item E3 Energy Inc (C-ETE) - News Release E3 Energy acquires oil reserves in east-central Alberta E3 Energy Inc ETE Shares issued 8,729,355 Apr 11 2003 close $ 0.65 Friday April 11 2003 News Release Mr. Paul Starnino reports E3 ENERGY INC. ANNOUNCES NEW CORE PROPERTY ACQUISITION E3 Energy has acquired, from a senior Canadian oil and gas producer, crude oil reserves and production located in east-central Alberta for a purchase price of $3.05-million. The assets, consisting of approximately 175 barrels per day in current oil production and 340,000 barrels of proved producing reserves, provide E3 with a number of infill/step-out drilling and rework opportunities. The acquisition enables E3 to establish a second core operating area with asset characteristics consistent with its corporate strategy for accretive growth: high working interest (88 per cent), operatorship, year-round access, and multizone exploration and development potential. The acquisition of a stable production base, with optimization and exploitation potential, complements E3's strategy of establishing a portfolio of first-class exploration opportunities as a platform for future growth. The acquisition has an effective date of Nov. 1, 2002, thereby having a net effective acquisition cost of approximately $2.5-million and reserves of 315,000 barrels, which will be financed 75 per cent by current cash on hand and 25 per cent from existing undrawn bank lines. As a result of this exciting acquisition, E3 has revised its 2003 average daily production from 325 barrels of oil equivalent per day (boe/d) (6:1) to 425 boe/d and its 2003 exit rate from 450 boe/d to 600 boe/d. The combined current production will be 435 boe/d, weighted 55 per cent natural gas and 45 per cent oil and natural gas liquids. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com old url (better for printing) Thought you would like this