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

To: Diamond Daze who wrote (29)	11/20/1998 6:30:00 PM
From: Flea	Respond to of 41

Third quarter results GHP Exploration Corp GHP.U Shares issued 21,843,480 1998-11-19 close $0.5 Friday Nov 20 1998 Mr. George Plewes reports During the third quarter ended Sept. 30, 1998, the company participated in one exploratory well and continues to drill the Winfield Ranch No. 17-1E well. At report time the well was drilling ahead at a depth of 25,182 feet and is expected to reach total depth of 26,000 feet during the fourth quarter of 1998. Analysis of wireline logs and drilling samples from the intermediate logging run indicated that several zones contain potential that will most likely require further evaluation. The company remains optimistic that this well will prove productive. As previously reported, the company anticipated production to commence during the second half of 1998 from the development of its existing discoveries, however, due to a particularly severe hurricane season, now expects production to commence during the first quarter of 1999. Plans are in place for the development of the company's West Delta block 61 and West Delta block 78 oil and gas discoveries. At West Delta block 61 (GHP 10 per cent working interest) two additional wells are planned with gross production expected to peak at 13,000 barrels of oil equivalent per day during the first quarter of 1999. At West Delta block 78 (GHP 15 per cent working interest) gross production is expected to peak at 2,250 barrels of oil equivalent per day during the first quarter of 1999. Given the current economic environment of the oil and gas industry and the high cost of capital, the company is currently pursuing all available alternatives to monetize the value of its offshore properties, including the sale of all or a part of its current holdings. GHP reported a net loss of $5.8-million for the nine-month period ended Sept. 30, 1998. Included in this amount is a $4.4-million writedown of the company's oil and gas properties resulting from continued depressed commodity prices, the impairment and subsequent sale of the company's Newton field prospect and unsuccessful drilling results at Vermilion block 368. These two properties were assigned no value in determining the net asset value of the company which formed the basis of the previously announced arrangement agreement to merge with Profco Resources. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com