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Gold/Mining/Energy : Wenzel Downhole Tools Ltd (WZL) - was Master Downhole -- Ignore unavailable to you. Want to Upgrade?

To: fivedollar who wrote (33)	6/4/1998 4:15:00 PM
From: Moneysmith	Read Replies (1) \| Respond to of 104

Wenzel is on the move today at $1.49 last trade. I wonder if this is based on speculation on their litigation with NQL or a rumour of a buyout. I see the buying is coming from several firms. Current mkt. cap is about $35mm. Where is fair value here?

To: fivedollar who wrote (33)	6/9/1998 9:13:00 AM
From: Robert Raymond	Read Replies (1) \| Respond to of 104

News release out this morning NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WENZEL DOWNHOLE TOOLS LTD. ASE SYMBOL: WZL JUNE 9, 1998 Wenzel Downhole Tools Ltd. Signs Best Efforts Advisory Agreement CALGARY, ALBERTA--At the request of the Alberta Stock Exchange, Wenzel Downhole Tools Ltd. is announcing the following: 1. Wenzel has signed a BEST EFFORTS advisory agreement. Wenzelhas engaged EnerVest Capital Group Inc. of Calgary to act as advisors in structuring a project financing of $5,000,000.00 USD. There has been no specific structure agreed upon. Wenzel is not required to accept any funding proposal put forth by EnerVest. Should Wenzel agree to any funding proposal put forth by EnerVest, the proposal may need regulatory approval. 2. The Company and William Wenzel filed a statement of claim in the federal Court of Canada on April 20, 1998 against NQL Drilling Tools Inc., Black Max Downhole Tool Ltd. and Canadian Downhole Drilling Systems Inc. for infringing the Company's patent rights pursuant to Canadian Patent 2,026,630. The patent relates to a downhole thrust bearing assembly which bearing assembly is a key component in directional drilling. The Company and William Wenzel are suing for an injunction and damages of 25 million dollars. The Defendants, as yet, have not filed a Statement of Defense but have filed a Notice of Motion returnable in Ottawa on Thursday, June 4th, 1998, to request Further and Better Particulars, of the Plaintiffs' claims in order to allow them to defend. In addition, the Defendants asked for a sixty-day extension of time to defend after the Particulars are served. Wenzel Downhole Tools Ltd. believes that it is in its shareholders' interest to bring this matter to trial quickly. Wenzel Downhole Tools Ltd. had already granted a fifteen-day extension pursuant to a request by the Defendants. Based upon our counsel's advice, Wenzel has permitted another 30 day extension, rather that the sixty-day extension requested. Based upon our legal advice, Wenzel Downhole Tools Ltd. is confident that it has a good cause of action, both for an injunction and for damages and is attempting to bring this matter to finalization in Court in the most expeditious manner possible. There are no other material changes to the company's operations at this time.