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Gold/Mining/Energy : GHP EXPLORATION -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (26)	11/17/1998 10:06:00 AM
From: SpecMan	Read Replies (1) \| Respond to of 41

I hadn't checked this board in quite some time, and was amazed to see the lack of action -- especially since there is potentially big news afoot for this stock. Those who own GHP should be aware that their deep JV well in West Texas, the South Fort Stockton, Winfield Ranch 17-A, hit the targeted Ellenberger formation 1,550 feet higher than anticipated. An independent reservoir engineering firm, Adams Pearson Associates, estimates the target has the potential for 361 bcf of recoverable gas, and gives the JV a 29% chance of success. GHP has a 10% interest before payout and an 11.2% interest APO, and is one of ten JV partners in the well. Yorkton Securities estimates that a successful well is worth an additional C$0.54 per share to GHP if 100 BCF recoverable is discovered, and C$2.15 per share if 400 BCF is discovered. Not a bad bump for a stock trading at 36¢ U.S., but I would actually be surprised if this well didn't represent more blue sky than that, considering how the companies involved have played this well up. (Note: If you see anyone quoting a C$15.26 value per GHP share for the well at 400 BCF, disregard it. That was an incorrect figure put out by Yorkton, and was quickly retracted.)