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Gold/Mining/Energy : Bearcat (BEA-C) & Stampede (STF-C) -- Ignore unavailable to you. Want to Upgrade?

To: Jim P who wrote (465)	3/11/1998 9:32:00 PM
From: Jim P	Read Replies (2) \| Respond to of 2306

Hello everyone, is this anywhere near us? FIELD ACTIVITIES / Petro-Canada reports Drilling Success CALGARY, March 10 /CNW/ - Petro-Canada announces significant natural gas discoveries in the Wildcat Hills area, in the Alberta Foothills about 50 kilometres west of Calgary. The net vertical pay in the two wells announced today is the best ever discovered by Petro-Canada in Western Canada. These discoveries follow seven successful wells already drilled in the Wildcat Hills area over the past two years as part of Petro-Canada's strategic initiative to grow its natural gas reserves and production. The most recent well, Petro-Canada Shell Wildcat 16-12-28-7 W5, reached a total depth of 4 075 metres and encountered 140 metres of pay in multiple zones within the Turner Valley formation. The well is scheduled for production testing in mid-March. The prior well, Petro-Canada Shell Wildcat 8-8-28-6 W5, was drilled to 3 620 metres, encountering 113 metres of net gas pay, also in multiple zones within the Turner Valley formation, and tested at a combined rate of 25 million cubic feet per day from two zones. Petro-Canada has a 56 per cent interest in both wells, with the remaining 44 per cent held by Shell Canada. The Wildcat Hills exploration program has breathed new life into a gas field that first came on production in 1962. Petro-Canada expects successful exploration will enable it to run its Wildcat Hills gas plant at its full capacity of 110 million cubic feet per day by the end of 1999. Eight discoveries (four Turner Valley and four Viking) have already been tied in to the plant, while the latest well will be tied in by mid-1998. Petro-Canada has a 100 per cent interest in five of the earlier wells, and a 66 per cent interest in the other two, in addition to the 56 per cent interest in the two wells announced today. Petro-Canada plans to drill five to eight additional wells on its current land holdings in the Wildcat Hills area over the next year. Petro-Canada sees natural gas in Western Canada as a major growth opportunity. In 1998, the Company plans to invest $375 million in conventional exploration and development in Western Canada, most of it earmarked for natural gas growth. In addition, the Company plans to divest certain mature oil properties in Western Canada and reinvest the proceeds in natural gas growth opportunities. The natural gas growth strategy is focused on the Alberta Foothills and northeastern British Columbia. In 1997, the Company more than replaced production, achieving record natural gas and gas liquids reserve additions of 363 billion cubic feet of gas equivalent. Natural gas production set a record, averaging 760 million cubic feet per day. Despite rising industry costs, in 1997 Petro-Canada reduced its natural gas finding and development costs for proved reserves to 70 cents per thousand cubic feet of gas equivalent. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

To: Jim P who wrote (465)	3/11/1998 9:33:00 PM
From: Max-mouse	Read Replies (2) \| Respond to of 2306

I don't think Mr.McLeod was joking. I think that the buying power is gathering. The BEA tried to break the 0.75 block for many times. Once it breaks the 0.75-0.80 and it will stand above 1.00. That is no doubt the right will be exercised. Do we remember the story of " The boy who cried wolf?" According to their Summary with a July 3, 1996 and Dec 5, 97 shareholder letter"...The lateral extent of this major continuous oil pool, in the Turner Valley north area, is indicated to vary from 25,600 acres (40 sections) to 38,400 acres (60 sections). Bearcat's current P&NG lease holdings, along with available open Crown Lands cover approximately 70% of this oil pool...". I am sure the BEA/STF will bring us a great reward. Mm_