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

To: HAZ who wrote (4251)	12/2/1997 4:24:00 PM
From: TheMajor	Read Replies (1) \| Respond to of 24934

Haz/Burner I attended an investment seminar in October at which Burner was a participant. At that time, their presentation included the following: Shares outstanding: 29.1 million. First Reserve Corp. own 20%, Management and Directors 15%. 850 boe/d production, no debt, $4 million of working capital, which is now up to just short of $6 million. Senior management appear to be ex-Shell Canada. ( 11-15 years of service, with the President, Paul Walmsley also putting in 2 years with RAX.) Areas of activity include Stoddart ( 65% of revenues,) and Wildhay, Enchant, Little Bow and SE Taber in Alberta. The Berkley connection appears to be in Wildriver and Wildhay with Burner getting an interest in 13 producing wells with net to Burner of 1900 mcf per day and 30 bbl liquids. Burner also gets a 20% interest in undeveloped land, that is 6,300 acres net. Last I saw, cash flow was around 10 cents after three quarters. Kind regards TM