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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: Cliff Daniel who wrote (6036)	7/26/1998 2:03:00 PM
From: johngmack	Read Replies (1) \| Respond to of 11684

<<In the beginning there was talk of possibly being acquired at then end of the summer, and the source was not macker, it was from a member of MTEI. However, face to face confrontation proved otherwise. Fundamentals have changed, unless they are in a quiet period.>> A lot of soul searching going on here today, but would anyone like to comment on this press release? (...swap... for the remaining 50% of shares for MTEI): ---------------------------------------------------------------------- Friday July 24, 12:24 pm Eastern Time Company Press Release Northstar Cash Flow Hits $62 Million in First Six Months CALGARY, Alberta--(BUSINESS WIRE)--July 24, 1998--Northstar Energy Corporation (TSE: NEN - news; ME: NEN - news; Alberta Stock Exchange: NEN - news) today announced its financial and operating results for the six months ended June 30, 1998. For the six month period, cash flow was $62.3 million, or $0.91 per share. In the second quarter, cash flow from operations was $35.2 million, or $0.51 per share, on revenues of $61.3 million. Earnings for the first six months were $32.7 million, or $0.48 per share, which included $2.5 million, or $0.04 per share, in the second quarter. Natural gas production for the second quarter averaged 202 million cubic feet per day, while oil and natural gas liquids production averaged 18,000 barrels per day. John Hagg, chief executive officer, stated that ''during the second quarter, our natural gas production was constrained by modifications to the Coleman gas plant and scheduled maintenance at some of the company's other production facilities. In addition, warmer than expected weather in the late winter resulted in a number of new gas discoveries not being tied in prior to spring break-up. With the completion of the Coleman plant modifications at the end of July, we expect natural gas production volumes to increase during the third quarter.'' Mr. Hagg went on to say that ''crude oil and natural gas li quids volumes are down from the first quarter reflecting the sale, in March, of 3,300 barrels per day of non-core oil production.'' The company is scheduled to close the previously announced swap of its 25 percent interest in Morrison Middlefield Resources Limited for the remaining 50 per cent of the shares of Mountain Energy Inc. [OTC BB:MTEI - news] in the third quarter which will increase oil and liquids production from the effective date of June 30, 1998. Northstar's average natural gas price in the second quarter was $2.19 per thousand cubic feet, reflecting higher spot prices in Alberta and the restructuring of a long term contract. Crude oil and natural gas liquids prices averaged $15.76 per barrel. Mr. Hagg noted that ''the price realized by the company for oil and natural gas liquids reflects continuing low world oil prices and high crude oil quality differentials, through the period.'' Operating costs for the three months ended June 30, 1998 were $4.08 per barrel of oil equivalent, up $0.15 from the first quarter, primarily as a result of major maintenance activities. In commenting on the operating costs, Mr. Hagg indicated that ''while operating costs are slightly above the company's historic average, we expect those costs to decline throughout the remainder of 1998.'' Long-term debt was steady quarter-over-quarter, at $443 million. John Richels, chief financial officer noted that ''since most of the company's 1998 capital expenditures occurred during the first and second quarters, we expect long-term debt to decrease significantly by year-end.'' FINANCIAL HIGHLIGHTS for the periods ended June 30 Three months Six months 1998 1997 1998 1997 -------------------------------------------------------------- (millions, except per share amounts) Revenue (net of royalties) $61.3 $58.7 $114.5 $129.3 Cash flow from operations 35.2 38.3 62.3 86.1 Cash flow per share - basic 0.51 0.54 0.91 1.09 - fully diluted 0.49 0.51 0.87 1.04 Net earnings 2.5 3.1 32.7 41.0 Earnings per share - basic 0.04 0.08 0.48 0.52 - fully diluted 0.05 0.08 0.46 0.50 Capital expenditures (net) (5.4) 38.9 45.3 122.8 Long term debt 443.4 432.2 443.4 432.2 --------------------------------------------------------------- OPERATING HIGHLIGHTS for the periods ended June 30 Three months Six months 1998 1997 1998 1997 -------------------------------------------------------------- Natural gas production (mmcf/d) 202 208 203 195 Average price ($/mcf) 2.19 1.62 1.98 1.92 Wellhead netback ($/mcf) 1.58 1.14 1.34 1.34 Oil and liquid production (bbls/d) 18,000 21,600 19,900 22,200 Average price ($/bbl) 15.76 20.90 15.74 22.28 Wellhead netback ($/bbl) 8.79 11.81 8.86 12.71 Operating costs ($/boe) 4.08 3.19 4.00 3.26 Wells drilled (gross) 20 33 180 150 Natural gas 5 2 95 68 Oil 7 17 36 28 Dry and other 8 14 49 54 --------------------------------------------------------------- weighted average shares outstanding for six month period 68.2 million (1997 - 79.2 million) shares outstanding at June 30, 1998 68.3 million (1997 - 67.9 million) Northstar Energy Corporation is engaged in petroleum and natural gas exploration and production in Canada. On June 29, 1998 the company announced it had agreed to merge with Oklahoma-based Devon Energy Corporation [AMEX:DVN - news]. Northstar shareholders will receive 0.227 fractional Devon common equivalent shares for each existing Northstar share subject to approval by the shareholders of both companies. Northstar's common shares are listed on the Toronto, Montreal and Alberta stock exchanges under the trading symbol NEN. ------------------------------------------------------------------------ Contact: Northstar Energy Corporation John A. Hagg, 403/213-8000 403/ 213-8100 (fax) or Northstar Energy Corporation John Richels, 403/213-8000 403/213-8100 (fax) or Northstar Energy Corporation Gretchen Thompson, 403/213-8000 403/213-8100 (fax) ----------------------------------------------------------------------------------------------------------------------------------------

To: Cliff Daniel who wrote (6036)	7/26/1998 6:29:00 PM
From: Tod C	Read Replies (3) \| Respond to of 11684

It's amazing how many people feel the need to justify why they sold at the expense of the shareholders that are still long. I have spoken with Jack and Winston on many occasions. I must diagree with you you view has fundamentally changed because most of it is incorrect. I do not think much has fundamentally changed. In the beginning there were around 120mm authorized shares reported. Now, mysteriously, there is 200mm authorized shares. How would I know this? It came with my Certs. Fundamentals have changed. Shares outstanding would be more a fundmental change. This is what Jack told us. Some people want cash, some people want shares. I'm not going to let the number of authorized shares keep MTEI from completing an acquisition that is in the best interest of the shareholders. In the beginning there were 70mm outstanding shares reported. Now, mysteriously, there is ATLEAST 120mm outstanding shares. How would I know this? Ask any one of the 7 people who went to Houston and learned this first hand, but they didn't want to publicize this. Fundamentals have changed. We absolutely did NOT learn there were 120 million shares outstanding. Jack did not give us a number. He did say there were some issues with the shares outstanding that he was pursuing but he couldn't give us the details. I had a PM from someone who called the transfer agent that said there were 89 million. Do you know something different? In the beginning one of the things MTEI used as a PR tool was that they had technology far more superior than others that would allow them to mine like no other. Now they don't? Fundamentals have changed. I do NOT believe MTEI ever said this. What Jack and Winston both told me was that there was advanced technology that they were using that would allow them to go after reserves that were left in the ground. Other people could and do use this same technology. Most of the majors don't because it is not as profitable for them due to their high G&A. MTEI has such a low G&A that going after the "leftovers" is very profitable. In the beginning there was talk of already producing wells, and this was believe to come from a member of MTEI's management. However, face to face confrontation proved otherwise. Fundamentals have changed. Again I disagree. Never have I heard from anyone that MTEI already has producing wells. All along, Jack and Winston have said they are in acquisition mode and are in negotiations to acquire more assets (land, reserves). Face to face, they gave us general descriptions about some of the deals they are looking at. In the beginning there was talk of possibly being acquired at then end of the summer, and the source was not macker, it was from a member of MTEI. However, face to face confrontation proved otherwise. Fundamentals have changed, unless they are in a quiet period. I have never heard from MTEI about being acquired at the end of the summer. I did hear about MTEI acquiring assets by the end of the summer. What about some reasons to HOLD? 1. #reply-5308682 2. MTEI management 3. $200 million minimum in assets and likely underestimated. What did MTEI do before they acquired the "shell" ? If they were a real company before then surely they have already producing properties, or properties that have been evaluated right? What the hell is going on here? This has been covered many times. MTEI is a newly formed company. The rest of your questions are baseless. What is their business plan? Who cares about how long they have been in their offices, you don't start a business then create a business plan, if you catch my drift. A lot of things I have seen from MTEI as of late has been ass-backwards, which doesn't give me a good feeling. Fundamentals have changed. Here is MTEI's business plan in a nutshell. pennypicks.com MTEI is something that Jack and Winston have been talking about for a long time. Their strategy is to put 70% in proved reserves and 30% in exploration. Steven, why are you so quick to accuse people over and over again. Everywhere you look you see someone accusing macker for this, macker for that. Don't be a fool my friend, you bought the stock on your own. I bought the stock on my own. As a long shareholder, Steve is probably mad at many people who said they were long and holding yet have sold. I don't find fault with Steve for pointing that out. For those enraged holders out there, please stop pointing fingers. Yes there were some people who sold and haven't admit it. I know of quite a few as macker stated that have sold. Some you would be suprised to hear! Also, macker never said "I'm the leader!!!" It was the 100 people who posted everyday saying "Macker!!!!!". He was Private mailed to deal and e-mailed to death as well. The ones that sit and blame him now are quick to judge. Why are you so quick to defend macker and blame others for pointing fingers? Pot.kettle.black? I think macker can do the job on his own. Sorry for this logn drawn out post. I just needed to vent my frustration here and be upfront with you guys and gals. I wish the best of luck to all. Cliff Vent at the cost of other shareholders? How noble! I hope you feel better too. I think if you truly wished us the best of luck that you wouldn't have to announce that you were selling and include such incorrect information. I wish you the best too. Jack, Winston and the rest of the bunch are honest, ethical, hardworking people. The trouble is with past ICVI management and people associated with them. You guys still don't know JACK! Tod

To: Cliff Daniel who wrote (6036)	7/26/1998 10:29:00 PM
From: eric deaver	Read Replies (1) \| Respond to of 11684

Cliff - still catching up on this thread - pretty interesting tonight - needed to respond here though: <<What is their business plan? Who cares about how long they have been in their offices, you don't start a business then create a business plan, if you catch my drift.>> I started my business without a business plan - doing quite well from the start thank you. You know why I didn't need a business plan - I know my business and I have lots of experience. Get my drift. That bunk about a business plan being required to start a business is just some of the crap they feed you in MBA school. Eric