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

To: Kerm Yerman who wrote (4479)	1/13/1998 11:14:00 PM
From: HAZ	Respond to of 24928

Kerm / Symmetry I was typing from my notes and I noted it in the conversation. I guess when you are planning your 1998 capital budget you have to make assumptions based on available stats, logs and seismic etc. to determine future production and cashflow targets. So if they feel good about 8 out of 11 wells which translates to 73 % success then this is a low risk estimate and it can only get better from here. In my opinion this will be a building year for Symmetry ; 1) build up natgas production and acreage through favorable farmin deals (or possibly by buying a good junior natural gas producer with good acreage and prospects). In my opinion Natgas is the place to be 2 years out. 2) Continue to develop the current Dawson play and lay the foundation for new pool discoveries in the Dawson area through the 3 planned exploration wells. This will lead to 1999 development drilling in Dawson area. I asked about the NAV but we will have to wait until Q4 report once all the engineering is done on the recent wells. I believe that it will be higher than current trading ranges (discounted at 15%). These guys don't like to take too much risk, so I think 1998 development drilling at Dawson will be very good and with any luck new pool discoveries will really move this stock. They should reach the magic 2000 bls/d by exit Q1. Cheers