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

To: twocents who wrote (4889)	4/6/1998 12:24:00 AM
From: bill	Read Replies (1) \| Respond to of 24916

A couple of days ago I asked if anyone might explain the implications of WT's latest press release. This stock was a Kaiser bottom fish at 20 cents. On Friday it closed at 2.14. They're drilling a deep well--three miles down.If I knew anything about oil stocks I wouldn't be asking. I got this company through a midstream change from a company hunting diamonds (which I know about) to an oil company (which I don't know about). Can't complain but I'd like some idea what the figures mean. SI Inbox (0) \| Folders Subjects \| People Hot \| New Subjects Options \| Profile Portfolios: - [Create a New Portfolio] President of Westfort Energy, symbol (WT-TSE), announced that the company has recently secured four seismic lines run across Pelahatchie Field. Interpreted by third party, independent geophysicist Wilbur Harper, of Jackson, Mississippi, the seismic data indicates that the Norphlet structural trap actually covers approximately 4000 acres. w In a report by Tierney and Associates, an independent engineering firm based in Jackson, Mississippi, the firm assigned reserves totaling 28,561,899 gross oil reserves and 23,439 MMCF methane gas reserves to 1381 acres in the field classified as either proved undeveloped or probable. Geological interpretations based on Harold Karges' geology, together with the new seismic interpretations by geophysicist Wilbur Harper indicate that oil and gas accumulations underlie a much larger acreage than those under which lie the proved and probable reserves, and further support previous estimates in which geological and engineering studies indicate that the Norphlet zone contains at least 40 million barrels of recoverable high gravity oil and 40 billion cubic feet of saleable methane gas. In fact, Mr. Harold Karges opines that ''The Norphlet formation in Pelahatchie Field contains the largest known accumulation of on-shore proved undeveloped oil and gas reserves in the southeastern United States.'' The permit for drilling of the first Norphlet well to 17,350 fed has been received from the Mississippi State Oil and Gas Board; the well has been staked and site preparation to accommodate the drilling operations has begun. To someone who knows nothing about the fundamentals (the chart looks really good. The TA I know a little about), the figures sound exceptional. But??

To: twocents who wrote (4889)	4/6/1998 8:41:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 24916

twocents / Gulfstrream Resources This was one of my favorite investments of a year ago. But events contributing to the decline in share price discouraged me to the point where I terminated holdings. Background can be summed up with reference to newswire.ca ARCO, who is the operator of Gulfstreams Qatar property, cast a shadow on further potential of their reserves. Gulfstream disagrees with comments made by a representitive of ARCO. But the damage was done and there is a shadow of doubt now cast over Gulfstream. In addition, Gulfstream/partners submitted a full field development plan to Qatar for the Al-Rayyan field and to my knowledge has yet to be approved. I would suggest that you might want to check out ARCO information and their plans for Qatar before you decide to invest into the company. One large factor to consider is Gulfstream management - which is excellent. I have focused my attention on the international front (Canadian company with 100% interest in the international arena) has been Carmanah Resources. This is a company who has valuable offshore acreage but has had major hangup's in securing rigs to drill on their acreage blocks. For the most part, these delays are now behind them. Shares in the company have been performed well over the past month.