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Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Vickers who wrote (258)	4/20/1998 9:18:00 PM
From: Dale Schwartzenhauer	Respond to of 701

The opportunity to buy low is still available, despite the news from Turner Valley. If you notice, there hasn't been a Curlew version yet, but I'm sure it's coming. Based on the 600 BCF of gas announced, CWQ could be worth about C$0.90 (600 million MCF's x $1/MCF x 2.2% /21 million shares/0.685 exch rate). CWQ's interest is higher on BKP farmouts, so this could be conservative. This also doesn't count oil or condensates, which figures to be a big number. I like CWQ at these (C$0.15) prices as we get the Forum, Cochise, Bacon Island, Chestermere, and Greypower waterflood projects for free. The market will begin to value these projects somewhere along the line, and they offer a defensive fallback to the Turner Valley in any case. A better resource market in general would also generate some value attributable to these other holdings. So it's Win-Win for the long-term investor, IMHO. Dale

To: Kevin Vickers who wrote (258)	4/21/1998 9:49:00 PM
From: Dale Schwartzenhauer	Respond to of 701

MAJOR GAS DISCOVERY ANNOUNCED Turner Valley exploration progress Curlew Lake Resources Inc CWQ Shares issued 21,129,526 Apr 20 close $0.15 Tue 21 Apr 98 News Release Mr Robert Pincombe reports The company has released a report on its participation in exploration and development activities in the Turner Valley area of Alberta. The Imperial-Berkley Turner Valley 2-21-21-3 W5M well was drilled and completed in a regional Mississippian gas zone with 100 ft of net pay in a gross 126 ft Turner Valley section. Ninety feet of Turner Valley reservoir section was perforated. The April 1 1998 Crown P&NG lease sale prevented participants from releasing information and precluded the operator from conducting any major testing and completion work on the well prior to that date. The farmor/farmee group acquired 1,120 acres at the sale, which provides fill in land coverage over the new gas pool. Imperial Oil Resources is the operator of the well and reported that, based on seismic data, the portion of the pool in which it has an interest is expected to contain approximately 150 billion cubic feet (bcf) of gas in place. Imperial Oil advises that the 2-21 well was tested in March at rates of one to three million cubic feet per day (1-3 mmcf/d) and that economic recoverable reserves cannot be determined until pressure build-up analysis is complete and reservoir deliverability can be analysed. The gas has a hydrogen-sulphide content of approximately 2.7%. Bearcat Explorations Ltd and Stampede Oils Inc, two other farmor participants in the well, have reported that their area and regional geological/geophysical interpretation indicates potential recoverable gas reserves in this new gas field should be in the order of 600 bcf. They also report that well deliverability should improve significantly after stimulation. Two follow up wells to the current 2-21 gas discovery are expected to begin in the near future. With regard to the recently drilled BPC et al Turner Valley 12-35-20-3 W5M well, it is now planned to whipstock this well into the newly discovered regional Turner Valley gas pool when a rig is available likely early this summer. In addition to this new discovery in the Mississippian Turner Valley formation, the group previously made a significant gas discovery in the Stampede Bcat et al Hartell 4-13-19-2 W5M Devonian crossfield well at the southern end of the trend. The spacing unit for the Hartell discovery has proven recoverable reserves of 42 bcf and the overall South Turner Valley crossfield gas pool has been estimated to hold at least 250 bcf. This gas has hydrogen-sulphide content of approximately 22% and contains 12 barrels of light 43 API gravity oil per million cubic feet of gas. Two development wells are planned for this south pool this year. The turner Valley prospect is now developing into a major gas development project. It is expected that Mississippian gas production will begin this year and Devonian crossfield gas production should begin in 1999. Information related to the potential for major oil development on this prospect will be forthcoming at a later date. The company's working interests in the regional Mississippian Turner Valley gas formation varies from 1.3% to 2.78% and in the underlying Devonian crossfield gas from 2.5% to 5%. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com