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

To: johnlag who wrote (6024)	2/12/1999 10:04:00 PM
From: Lorne Larson	Read Replies (1) \| Respond to of 24892

Maybe someone can correct my thinking on what seems to me to be a dead solid bet. It goes as follows: 1. The natural gas market is strictly North American as opposed to the oil market which is global. 2. The depressed oil and gas prices are curtailing both drilling for oil and natural gas in North America. 3. Oil prices may stay depressed because we are talking Saudi Arabia, Iran, Iraq, etc etc etc. 4. The natural gas market is unrelated to Saudi Arabia, Iran, Iraq, etc, etc, etc. 5. A crunch is going to come in North America for natural gas because they have no money for drilling - for gas or oil. 6. I should buy North American companies heavily weighted to gas. In particular Alberta Energy, which is becoming a giant. O.K., what am I missing?

To: johnlag who wrote (6024)	3/1/1999 9:06:00 PM
From: Len Hynes	Respond to of 24892

Hi Johnlag; Here is a further update: Hi Vulcan Shareholders: Vulcan finally looks like it may be ready to catch the attention of investors looking for a leveraged investment on the West Coast Oil Play. All eyes are on the current round of drilling by Pan-Canadian and Encal Resources on the Port au Port peninsula of Newfoundland.In Saturday's edition of the Globe and Mail (Feb/27/99), Dunnery Best featured a very positive article on Encal's performance over the past year with respect to increasing production(31,000 boe/d), increasing cash flow, excellent debt management, and little shareholder dilution. Dunnery expects that Encal will,once again in 1999,repeat this type of performance, except that the story may be that much better with rising oil prices and drillingsuccess on their West Coast . Today we saw a nice precentage move in Vulcan Minerals Inc. with very small volume. Once, Vulcan re-announces their plans for their West Coast drilling (press release of Nov.4/98.....prior to May 31/99), we should see a lot more action on the price of this stock. It is expected that Pan-Canadian will complete their current well approx. by the end of April/99...about the same time that Vulcan has promised its shareholders a test well on their Flat Bay permit. April and May should be exciting months for shareholders of both Encal, Pan-Canadian and Vulcan as the drilling programs near completion.A stroke of success from either of these drill programs will see share prices move significantly especially with respect to Vulcan(VUL-C).

To: johnlag who wrote (6024)	3/22/1999 6:12:00 PM
From: Len Hynes	Read Replies (1) \| Respond to of 24892

Hi Johnlag: Here is the latest news on the Pan-Canadian oil well on the West Coast of Nfld. As I indicated earlier, I am expecting Vulcan Minerals to soon join the oil play by drilling their promised well on their Flat Bay permit. Shoal Point well half way home 3/20/99 The Western Star Drilling at a Shoal Point oil exploration well has slowed to less than a tenth of the rate of a month ago, PanCanadian Petroleum officials said here this week. And everything's right on schedule. When PanCanadian started drilling Feb. 8, drill crews were drilling about 40 meters an hour; however, at the depth they are at now and with the type of rock formation they are into, the rate has decreased to about two and a half meters an hour. Drilling superintendent William Zukiwski, said they may reach target depth in about mid-April. Zukiwski said it's a tough well and being new frontier exploration, they want to record data as they're going, so that is why they are taking their time. In addition, caution allows crews to stay on target. But like the Port au Port No. 1 well on Garden Hill near Cape St. George, drilled three years ago, this one is a confidential well and results can be kept secret for up to two years. There have been predictions that the area could hold up to 100 million barrels of oil. Newfoundland make up 70 per cent of work force on the site. The massive Nabors Drilling rig stands 55 metres high and is powered by three 960 HP diesel engines. An 8.2 km road to the drill site cost about $1.5 million and the total budget for the well is $10 million. Lead geologist Mark Cooper said there is about a one in 10 chance of success. But PanCanadian is back here drilling because of trends they have seen in the area and the hopes of striking “the big one.” Zukiwski noted that there were a total of 64 wells drilled in the North Sea before the first commercial find was made there. This one is the fifth in the Port au Port Peninsula area. He said they are currently at the intermediate hole section, heading towards 1,700 meters of a target of about 2,400 meters.