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Microcap & Penny Stocks : Benz Energy (BZG.V) -- Ignore unavailable to you. Want to Upgrade?

To: c.d who wrote (162)	5/3/1999 6:24:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 272

cd, Encap is committed to seeing this company through and refuses to foreclose on its loans as long as there is still some hope for recovery. They could own the company tomorrow if they wanted to (and probably get all their money back in the foreclosure sale) but that is not how those folks do business. Year-end '98 numbers are going to come out sometime in the next week or so. The company realizes it owes the shareholders an accounting of what is happening with the Fortenberry. My guess is they will announce an update on this shortly. The lowdown is that they got some drill pipe stuck in the hole, right where the pay zones are, so now they are gonna move uphole from that a bit and then sidetrack around it. They did get to log the area above the stuck pipe and that is good enough for a commercial well. They are not satisfied with just a "commercial well", and neither am I --- we want the Mother Lode, the Harper zone. As long as there is any hint of life left in this company it will keep going for that Harper zone until it finds out just what is down there. As it turns out the new pipeline capacity will not be ready for at least another coupla weeks anyway, so this added delay in getting the Fortenberry online will not really cost us any production. The company is presently producing at over 10 mmcfe/day net.