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

To: mike smith who wrote (6359)	4/30/1999 2:49:00 PM
From: SofaSpud	Respond to of 24892

Mike / Post No annual report yet. They are traditionally among the last to release, don't know why. A more comprehensive Q4 release would have been nice. Yes, I'm hearing CF figs between 90 cents and $1, based on average production of 4,000 boe/d and a 7,000 boe exit rate. I heard that production is currently at 4,000, but have not confirmed with the company -- the CEO is out of the office until Thursday -- may be doing a road show. I do plan to see if Tim's numbers mesh with what the broker is telling me. This particular broker has followed the company closely since '96, and is pretty credible (if you can say that about a broker). Last NAV figure I saw was Sept. 30 '98, from a Sproule report. The 15% NAV on proved plus half probable was $5.24. They valued proved at $77 million using $20.40/bbl and $2.23/mcf.(on about 9 million boes). Sproule used $5 mil for land, $2 for seismic, took off $12 mil. for debt. I don't have any notes on how they did in Q4, so I don't know what reserve number to expect.