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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: DELT1970 who wrote (39983)	3/9/2005 4:20:38 PM
From: Tommaso	Respond to of 206323

Just be careful to watch depeletion rates carefully on coalbed methane plays. Sometimes the gas is running out faster than what will cover the stock price.

To: DELT1970 who wrote (39983)	3/10/2005 1:21:59 AM
From: Cogito Ergo Sum	Respond to of 206323

Hi delt, I'm long this one. apfenergy.com APF is active in three plays with its CBM assets: the Powder River Basin in Wyoming, the dry Horseshoe Canyon coals in central Alberta and the wet Mannville coals in west central Alberta. The Powder River Basin (“PRB”) is a mature play that has been producing CBM for over 8 years. The wet Mannville coals in Alberta are still at the pilot stage and are not yet commercial. Production from these plays is accomplished through a reduction of reservoir pressure within the coal which is normally achieved by pumping out water. When the pressure is released through dewatering, gas is liberated. The de-watering process can take from six months to several years depending on the water volumes and activity on surrounding lands (the de-watering of coals by other producers). The Horseshoe Canyon (HSC) coals are unique to Alberta and for the most part do not produce water. This makes the play very similar to a shallow gas play, where wells can be drilled relatively inexpensively. Average initial production rates of 75 mcf/d to 200 mcf/d make economies of scale key to success in this region. APF’s significant drilling inventory involving HSC production is expected to create ongoing opportunities for the Trust. Latest Reserve Report: stockwatch.com 2005-03-03 22:23 ET - News Release Mr. Steve Cloutier reports APF ENERGY RELEASES 2004 RESERVES INFORMATION AND DETAILS OF 2005 CAPITAL PROGRAM APF Energy Trust has released selected 2004 year-end reserves information and details of its 2005 budgeted capital program. Highlights: * proved-plus-probable reserves increased 46 per cent to 58.7 million barrels of oil equivalent; * drilling and optimization replaced 93 per cent of 2004 production. Together with acquisitions executed during the year, APF replaced 314 per cent of its annual production; * coal bed methane (CBM) reserves increased 190 per cent to 25.54 billion cubic feet. Daily production from all of APF's CBM assets now amounts to 1.8 million cubic feet per day; * net asset value per unit (proved plus probable at NPV 10 per cent) increased 53 per cent to $8.08 per unit; and * finding, development and acquisition costs, inclusive of future capital obligations, were $16.86 per barrel of oil equivalent (rolling three-year average of $14.74 per barrel of oil equivalent). RESERVES SUMMARY (1,000 barrels of oil equivalent) For the year ended Dec. 31, 2004 2003 Proved producing 35,019 24,652 Total proved 43,017 29,894 Total proved plus probable 58,733 40,322 Proved plus probable RLI (years) 8.9 8.5 Net present value at 10 per cent (in millions) $619.1 $316.5 Net asset value at 10 per cent (in millions) $475.3 $179.6 Net asset value per unit $ 8.08 $ 5.27 Barrels of oil equivalent may be misleading, particularly if used in isolation. In accordance with NI 51-101, a barrel-of-oil-equivalent conversion ratio for natural gas of 6,000 cubic feet to one barrel has been used which is based on an energy equivalency conversion method primarily applicable at the burner. Reserves General comments All of APF's reserves were evaluated effective Dec. 31, 2004. The trust's Canadian conventional reserves were evaluated by Gilbert Laustsen Jung Associates Ltd. (GLJ), while APF's coal bed methane (CBM) interests in Canada and the United States were evaluated by Sproule Associates Ltd. Both evaluations were prepared in accordance with National Instrument 51-101. More at the link... Kastel EDIT Better than 16% yield but payout ratio is 100% so that's gotta come down or divi reduced... pretty well unloved and overlooked so far like Viking was when I bought it back @ 5.70 FWIW.... but I don't need to tell you that :O)