To: Mr. Stress who wrote (1800 ) 4/6/1998 6:47:00 PM From: Rashid Garuba Read Replies (2) | Respond to of 1845
[NTAH] Posted by Jamie Orr on April 06, 1998 at 15:09:50: - from CW I just spoke to the PR guys at Canyon Financial. The following are my notes. The stripper technology has been tested on several wells over a one year period. The unique and patented portion of the device is the sensor. Similar stripper devices used by other companies either run constantly or must be controlled manually. One computer, and one compresser can operate up to 15 wells, thereby significantly lowering costs. In addition, the information from the computer can be downloaded via satelite to a central office, which saves the cost of continually sending someone into the field to check the operating status. Nevtah is currently negotiating to lease some stripper wells in Oklahoma. Current production is still around 300 bpd. A general update press release will come out near the end of the week and will include 1-2 sentences concerning negotiations for additional funding which according to Canyon Financial will not dilute the stock. The float has increased as was discussed on the SI thread last week, but Canyon is not sure exactly how large it is at present. From what was said on the SI thread, I personally am guessing that it is just over 3MM. Canyon assures me that shares outstanding has not changed and remains just under 15MM. There will be big news concerning the Matagorda project next week, but they could not elaborate. Canyon also assures me that the company has sufficient funding at present. "We are all very bullish around here," one of the PR guys told me. (I'm rushing out the door to teach a class. If someone could do me a favor and post my notes on the SI thread, I would appreciate it.) Jamie Orr