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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: oilfinder who wrote (5587)	11/16/1998 5:06:00 PM
From: Syncrude	Read Replies (2) \| Respond to of 24925

Sorry for budding in, but I hold shares (unfortunately) in Blue Range. It appears that the NAV may be debatable. In last year's annual report, the Company posted total reserves WITHOUT adjusting for probable reserves at 50% as per normal industry practice. They have since changed their reporting. They also had to revise downwards their Central Alberta reserves. I guess they repeatedly disappointed analysts and investors alike. If there is a competing bid in the works, the market sure does not know anything about it. Imagine Blue Range being absorbed by a penny stock company! New release by Blue Range today: newswire.ca

To: oilfinder who wrote (5587)	11/17/1998 3:32:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24925

Mike / Blue Range Resources Just a few years ago, many considered Blue Range as a model company within the industry. Oh well. I suspect the NAV of the company lies around $7.00. There may be further writedowns that should occur which we are unaware of. Well declines appear to be a problem with the company and I'm unsure of current status. They have added reserves as the news release announced. I would expect to see counter offers. I like their acreage position and it would appear to me that the oilpatch recognizes that also. I don't buy into future gas pricing as material at this time. It all will come down to land, existing infrastructure and drilling prospects which compliment operations of a nearby producer. I don't know who they are at this time without further investigation. These are tough times for producers and availability of capital markets are limited. Thus, someone has to have the credit facility, cash, or in position to provide an equity offering. This will cut down the potential list of buyers. Of the stronger junior and intermediate companies, Canadian 88 Energy, Berkley Petroleum and Paramount Resources may be candidates. Larger companies may include Ranger Oil. Anybody else with an idea of candidates? Reference: Message 6446153