To: Kerm Yerman who wrote (4338 ) 12/23/1997 8:51:00 PM From: Slyfox Read Replies (2) | Respond to of 24914
TO ALL: New Drilling Company - Tetonka Drilling Inc. (TDI-T) Tetonka Drilling comes fast out of the chute fast On September 29, Tetonka Drilling Inc. spudded its first well, but the Calgary-based rig contractor boasts an unusual depth on management and financial strength for a newbie. Its board includes Daryl (Doc) Seaman and his son Robert, along with Jeffery McCaig, CEO of Trimac Corp. Elson McDougald, Tetonka's chairman and CEO, is an old friend of Doc Seaman, a director of Alberta Treasury Branches and a former directorof Vencap Equities. Brokers say the company's initial share offering of $15 million has been heavily oversubscribed. "By spring break-up, we'll have seven rigs built," says Tetonka marketing vice-president Paul Fuller. He, like the entire field crew of the first rig, as well as Tetonka's chief operating officer (Terry Rosentretor), its operations vice-president, (Wayne Coon) and operations manager (Gerald Coate), are all refugees from Precision Drilling Corp., whose CEO Hank Swartout rules with too heavy of a hand for some tastes. Tetonka's first four rigs have all been contracted for four years, long enough to recover their capital cost of $3 million apiece. Two more rigs have three year contracts and Mr. Fuller is optimistic that the seventh will soon have a long-term taker. "Our third well was started drilling after six hours after the last truckload arrived," he says, "and we'll get faster as we get more familiar with the equipment." Source: Alberta Report November 24, 1997, page 17 I own several shares and feel that the time is optimal with tax-loss selling and before institutions buy-in to pick up a few cheap shares. Merry Christmas and a Happy New Year to all. Slyfox