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Gold/Mining/Energy : Commonwealth Energy Corp. (CWY.ASE) -- Ignore unavailable to you. Want to Upgrade?

To: K. Anders who wrote (79)	6/3/1999 1:48:00 PM
From: Leigh McBain	Respond to of 242

Karl, my understanding is that we have a very good chance of having the drilling start around the end of next week or very early the following week. The company has gone about the financings in a little different fashion this time. They are selling off working interest in the project (Camp Colorado) in 1% pieces, with 50% being vended out. The 1% buy-in gets the purchaser a 1% ownership in the whole project and pays for the drilling costs on the first well. Follow-up drilling costs will still have to be paid, but no additional land lease fees. My understanding is that the financing for the Wyoming project is/will be done the same way, as it seems to be going over quite well, in the investment community. This is NOT how they first started out looking at the financing for the project and explains, to a certain extent, the delays in financing. I have picked up an additional 40K shares (shares NOT % in the play) myself, over the past week or so, and am very much looking forward to the summer. I am putting my money, where my mouth is. Salut, Leigh McBain