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Gold/Mining/Energy : BPI Industries Ltd (BPR-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Keith Utz who wrote (76)	11/21/1997 6:37:00 PM
From: ian dodge	Read Replies (1) \| Respond to of 355

Thanks for the update Keith, lots of useful info! I assume by "dept financing" you mean "debt financing" (big difference). The confusion over what financing they have probably comes from the fact that they issued a number of conflicting & confusing news releases last year.....so much so that the VSE halted them for clarification - nothing deceptive - just confusing. At present, I understand they have sufficient money to complete the current testing program which will produce an indendently verified resource estimate of proven and probable reserves. BPI can then get loans and other financing on the basis of this estimate. By BPI's previous estimates, they need about $167M to develop the property with 525 wells, gathering and water disposal systems. But, until there is a bankable study completed, these numbers are pie in the sky. I like the comparison to Evergreen because it is an example of a successful coal bed methane project with realist time frames and the stock price reflects current successes. It is a year or two ahead of BPI in development and has significant (150 billion) PROVEN reserves. Hopefully, any news releases will reflect the status of the study. Have a good weekend, Keith.