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Gold/Mining/Energy : DALTON RESOURCES DAL:ASE -- Ignore unavailable to you. Want to Upgrade?

To: grayhairs who wrote (264)	4/28/1998 10:06:00 PM
From: Michael M. Cubrilo	Read Replies (4) \| Respond to of 486

Grayhairs... the answer to your question is absolutely YES. I have spoken before about logs, permeability, reservoir size, porosity, production rates, H2S content, etc... and how they relate to a wells success. Much of it has to do with how you determine economics of a well, ie: will it put money in the bank? If you drill a deep hole, and the reservoir is small (ie: might last just 1 year of production) and you have sunk 4 million into the hole and it will cost another 2 million for pipeline and facilities, yadda, yadda, it might be abandoned. I am not sure how close the LSD is to existing infrastructure...might be very close. However, until you know just what you have after production testing, it could be a "dud". A "dud" could also be a well with a huge reservoir, good looking logs, good pressures... but 80% H2S. A well like that would never be put on production. Or, if it is producing excessive water, it could also be a "dud". So, yes, the 10% number includes all the above. I guess it depends on what you interpret as the definition of "success". To me it means: will it put money in the bank, or not? mike

To: grayhairs who wrote (264)	4/28/1998 10:30:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 486

Greyhairs... Just going through the DAL news releases... Came across this one... >>>> Thursday Mar 12 1998 Mr Doug Robertson reports A time extension to the company's share purchase warrants has been granted by the ASE. The 2,750,000 warrants issued in May 1996 were scheduled to expire March 15 1998. The ASE has granted an extension to May 5 1998. Each warrant entitles the holder to acquire one common share at $0.40. <<<< IMO... They are on their last extension... If this puppy doesn't get up over .40 by the 5th of MAY/98, those warrants are going to expire worthless... Unless of course the company actually has something in the ground and it can be proved to a prudent investor... If that's the case, I would think that this puppy should be trading over the .40 mark by May 5/98 otherwise, the prudent investor could buy it in the open market at a discount today...But then again, how many times have we seen mutual funds buy high and sell low...:-)... ...ed