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

To: AL R who wrote (6171)	3/15/1999 1:26:00 PM
From: Doug	Respond to of 24892

AL R: Thanks. I earmarked Plains Energy on Thursday morning. Its up 50% by am today.A genuine & real missed oppurtunity on my part.

To: AL R who wrote (6171)	3/15/1999 10:57:00 PM
From: kingfisher	Respond to of 24892

Loon Energy Inc - Loon Energy declares gas discovery Loon Energy Inc LEY Shares issued 9,731,384 1999-03-08 close $0.1 Monday Mar 15 1999 Mr. Tom Field reports The company has participated in a gas discovery in central Alberta. The well, drilled in January/February 1999, flowed gas from two separate zones at a total rate of 4.7 million cubic feet per day at low drawdown (20 per cent). The gas from each zone contains recoverable natural gas liquids estimated at 16 barrels per million cubic feet. The well has been dually completed and preparations are under way to complete and tie-in the well to a plant approximately one-quarter mile away. Initial production rates are expected to be limited by plant capacity to four million cubic feet per day, of which the company's net share would be 630 thousand cubic feet per day sales gas plus 11 barrels per day NGLs. The company has a working interest of 16.67 per cent in the well and in one additional, undrilled section of land near the discovery. By a farmout agreement with an arm's-length industry partner, the company was not required to pay for the drilling costs up to casing point, and will pay for all costs to complete, equip and tie-in the well. This discovery was on a prospect generated by the company. Loon has also completed a private placement of flow-through shares. In December 1998, the company issued one million shares for total gross proceeds of $150,000. Employees and directors subscribed for 36 per cent of the issue, which closed on Dec. 31. As a result of this private placement, the company has a total of 9,481,100 shares issued and outstanding. The proceeds of the financing will be used for completion and tie-in of the new gas well and for drilling at Strachan. The company's Strachan 2-22 gas discovery well (Loon 10 per cent before payout, 5 per cent after payout) is expected to be tied-in and producing by June 1999 at a raw gas rate of five million cubic feet per day (350 mcfd sales gas net to the company). Delays in the tie-in were caused by negotiations with the plant operator regarding pipeline construction, and preliminary field work is now under way. A twin well (Loon 5 per cent) to access the uphole Mannville reserves is expected to be drilled in the second quarter and is also expected to add five million cubic feet per day raw gas (net 230 mcfd sales gas plus five barrels per day NGLs). The company has an interest in 12.5 sections (8,000 acres) of land at Strachan, a portion of which is contiguous with a recent third party Leduc gas discovery. At Warwick, Alta., the company is planning to participate for 50 per cent in a well targeting Devonian gas. Warwick is also an internally generated prospect. The company's current production is approximately 45 b/d oil. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)