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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Salt'n'Peppa who wrote (2439)	5/12/1999 1:32:00 PM
From: Poseidonas	Read Replies (2) \| Respond to of 15703

Rick: WML outstanding shares: From recent press release they stated that "As at December 31, 1998 there were 20,806,472 common shares outstanding with a 1998 weighted average of 19,792,430 common shares." But the TSE website has listed 21,748,726 outstanding shares.

To: Salt'n'Peppa who wrote (2439)	5/12/1999 9:59:00 PM
From: Check	Read Replies (1) \| Respond to of 15703

Hi Rick, <<Check, if you are reading along, I'd welcome some help. You're much better at the figures than I am.>> I was reading along but from my broker's office. Had a little arbitrage going sour on me (hate giving up some of my hard earned profits <ggg>) and my home 'puter's keyboard and mouse gave up at the same time. (Must be my high-speed typing skills - triple <gggrrr>) To tell you the truth, I don't really follow WML that closely, because IMO, people pay too much premium for their 'pure gas' image. As for F/D shares, I had them last at 23.3 fully diluted shares out, or about the same as RLP but with much smaller BOE production and a much, much heavier debt load. (Something like $ 47.5MM net liabilities at Dec.31 vs. $8.63MM cashflow. - No wonder they plan to sell off some producing properties to go after the ELH.) A couple of quotes from their May 5th PR to set the record straight on their production and ownership: "Fourth quarter 1998 production averaged 27 million cubic feet per day despite downtime at facilities during the period."......"Current production has improved 20 percent from the fourth quarter of 1998 to approximately 3,200 BOEPD consisting entirely of natural gas and associated liquids." AND "EAST LOST HILLS, CALIFORNIA Westminster participated in the drilling of the Bellevue #1-17 well (7.125 percent net interest)..... Not quite the 5,000 BOE/d and the 10.8% interest some people would us have believe, is it? With their stated 9.66667 % before and 6.34375% after payout interest in the Bellevue #1 and #R1...and a 7% interest in the remaining 26,000 acres, this makes ELK still the cheapest and best leveraged of the junior producers. This also highlights the before payout, after payout problem, not to mention the other intricacies associated with the hundreds of agreements relating to leases, royalties, paying and working agreements associated with this play. Should you think I'm exaggerating, go through all the reports at the EJ site and you'll see that most of the numbers and % interests don't agree. (I guess that's what we pay the big bucks for. When I was working on my CFA, someone told me it stands for Can't Find the Answer. Well, I think the guy who gets a full grip on this play, should get a special Nobel prize in detective math or something.) I'd better send this off before my new keyboard has a nervous breakdown....my fingers are bleeding already.