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

To: Chi-Chi who wrote (4471)	1/13/1998 10:34:00 AM
From: HAZ	Read Replies (1) \| Respond to of 24927

Kerm / All / Symmetry Update Sorry for the delay could'nt log on to SI for some reason. Winter Drilling 3 new wells, 2 at 37.5 W.I and another at 75 W.I have been drilled and cased as oil wells. One at 37.5 W.I. is on production, the other 37.5 W.I will be on production next week and the 3 rd at 75 W.I was just recently completed. All three wells are tight hole status until land sales are completed. Although they are tight hole, I'd expect the production to be as good or better than the average wells at Dawson. Symmetry has experienced 100 % success rate at Dawson in 1997. Corporate Information No debt Management holds 10 % of shares with another 10% held in friendly hands. A US institution holds another 18% of shares (Robertson Stevens, unsure of spelling) 1998 drilling program 11 wells ( 3 exploratory and 8 low risk development) are planned for Dawson. Rigs are not contracted on a long term basis, they sub-lease rigs when they come available. There should be no problems in the current environment for rigs in 1998. They have budgeted for 3 dry holes in 1998. 1998 capital budget of 10 million with 80% budgeted for Dawson . Capital budget could be expanded to 16 million if good farmin opportunities come up. Companies with very little debt and available borrowing power will have many farmin opportunities in 1998 with companies that have too much debt farming out their best prospects to keep production increasing. Currently Symmetry has a 95/5 oil/gas ratio. Costs Average drilling costs for Symmetry at Dawson in 1997 were 1 million per well up from 650,000 two years ago. In my opinion these costs should come down in 1998 based on lands prices and drilling costs also coming down as drilling activity starts to slows down