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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera! -- Ignore unavailable to you. Want to Upgrade?

To: alchemy who wrote (1609)	11/29/1997 5:40:00 PM
From: Michael T Currie	Read Replies (1) \| Respond to of 4736

> I have been told that when a field is charted, and when the reservoirs are shallow, the subsequent drilling cost can come down to as low as $50K a well. Can anyone confirm this? Marty, I think you would do yourselves a favour by sticking with the higher estimate. $50K per well barely covers completion costs. $300K may be a bit high, but if they have to go to something like high angle wells for the fractured reservoir, costs will go up. It sounds like a good, safe average to me. Mike

To: alchemy who wrote (1609)	11/29/1997 5:56:00 PM
From: Deep Digm	Respond to of 4736

Marty, Thanks very much for your effort in compiling this information and for sharing it. It is greatly appreciated. You have a good weekend Deep.

To: alchemy who wrote (1609)	12/1/1997 7:31:00 AM
From: M. M. Jones	Read Replies (2) \| Respond to of 4736

Dear Marty, I overstated when I called it a "previously drilled site". I was remembering Michael Currie's post, which did not say it was a previously drilled site, but which considered that as a real possibility exchange2000.com As you can see, he said "I have said this before and will repeat it now: do you know anything about the nearby previous drilling? The possibilities range from a rank wildcat to NAMX having placed these wells on a license previously relinquished because of poor economics. This happens more often than you might imagine, particularly in mature onshore areas. Until you have more facts such as these, you can't, in my opinion, judge the success of EMSounder. Hard questions, to be sure, for those who want to believe in the technology, but they have to be asked. Best of luck." Thanks Michael for all of your knowledgeable comments. Having some objective benchmarks with regard to the drilling helps me to know what to look for. And thanks Marty for putting the spreadsheet together. That will be useful in the future. Re NAMX and off balance sheet financing: My impression from Paul Ebeling has been that NAMX is already into off balance sheet financing, and that two funds have been created using this mechanism. According to Ebeling, this approach was being used so that they would not have to issue new shares. IMO it has to be those funds that are the source of the "petty cash" he lightly referred to. Where else would the petty cash come from? Wasn't NAMX supposed to be in pretty bad financial shape after the Boonen fiasco? You said in your next post exchange2000.com "Right now, they are a junior exploration company with a perfect record." With all due respect, right now they have no "record" at all. I hope they get a great record, with UPR, with other companies mentioned over the last two months, and with the IPAA at future conferences. So far none of these have been worked out, as far as we know, despite high hopes. The signed agreement with KNE is the exception, and I'm glad they have it. I have not sold any of my shares and I want to see this company succeed. Best regards, M.M.