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

To: oilfinder who wrote (5592)	11/17/1998 1:38:00 AM
From: Craig C	Read Replies (1) \| Respond to of 24925

Value of Gas Reserves - take a look at Poco's takeover of PanEast and Canrise. Paneast 202.5 BCF Reserves with 130,000 net acres land takeover at 163 million. Canrise had 117 BCF gas reserves with 121,000 net acres bought out at 134.6 million. It is hopefully safe to say Blue Range proved gas reserves are 300-325 BCF with the potential for 175-200 BCF as probable. The company also has 560,000 net acres of land the majority of it in NE B.C. The kicker is the debt at 100 million ?, but the company is flowing around 14,000 BOED . Using 38 million shares @ $ 7.50 plus debt $100 = 385 million. If reserves are actually more than you would think a person could get more $. One note about BBR.A 's management they just started to aquire shares during the summer otherwise they have always had a minimal position in the company. Whatever the bid is hopefully it will be cash..for tax loss reasons.