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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Shugarue who wrote (193)	9/4/1998 10:24:00 AM
From: briak	Read Replies (1) \| Respond to of 270

Production should begin during the week of sept 14.

To: Bill Shugarue who wrote (193)	9/15/1998 1:16:00 PM
From: Bill Shugarue	Read Replies (2) \| Respond to of 270

Profco Update.........September 15/98 Apprently all that remains before the taps can be turned on in Nigeria is final approval on the equipment. When this approved is received is anybody's guess. Remember, the wells are located in Nigeria. Based on 13,000 barrels daily and an average drilling time of 350 days per year, this works out to approx 4.5 million barrels per year. Based on an average price of $15.00 USD for WTI, and an average profit of $2.00 USD per barrel, PSO should receive approx $13.5-million CDN yearly. Based on approx 34.4 million shares outstanding, this works out to approx. 39 cents per share profit. Not bad for a stock trading at 70 cents. Remember, the current well area only covers 8% of the land holdings in Nigeria. Don't expect PSO to sit back and relax once production starts. You can expect additional drilling to take place next year.