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

To: Geoff Trueman who wrote (3972)	10/22/1997 1:39:00 PM
From: Gulo	Read Replies (1) \| Respond to of 24935

All /How to evaluate Mera Petroleums I need to choose a small o&g company to recommend to my investment club. Right now I'm considering TMT Resources and Mera. TMT is easy to evaluate; I'm less certain about Mera. Any suggestions? Mera is a small (7,000,000 shares at C$0.80) o&g company. It is trading much higher than cash flow would suggest is appropriate, but it has developed some really nice wells and it has a shot at acquiring a potentially very lucrative concession in Columbia. The former premier of Alberta, Don Getty, is on the board of directors, along with some oil patch veterans. Their web site is mera.ab.ca Their most recent release follows (note: they neglect to mention that their share of the wells drilled so far at Darwin is 20%.) ************ Large bluesky gas well drilled - Mera Petroleums Inc MPR Shares issued 7000000 1997-10-17 close $0.89 Monday Oct 20 1997 Mr Robert McLeay reports The company has drilled one of the largest bluesky gas wells ever drilled in north-central Alberta. One of the gas wells the company completed in its Darwin gas field this spring tested dry gas on an AOF test at 31.7 mmcf/d. The well is capable of producing 10 mmcf/d. This is just one of five gas wells Mera and its partners have drilled in the gas field, 60 miles north of Peace River, Alberta. A 20 mmcf/d gas plant has been commissioned to handle the gas from the wells and is scheduled to be completed March 1 1998. Mera anticipates drilling two further wells with its joint venture partners and six on its 100% interest acreage in Darwin this winter. Rigs have been contracted for both projects. Another gas well has been commissioned and is currently selling gas through the Ocelot Sylvan Lake plant. Two further wells in eastern Alberta's Enchant area are expected to come onstream this month. These three wells will bump Mera's production up by 85 boepd. By second quarter 1998 Mera anticipates a daily production of 300 boepd and by second quarter 1999 it should be up to at least 800 boepd.