============================: THU.JAN,980115 :============================
Foreland : Tom :       8 streight sucessful wells
 : 3D siesmic in North Centeral NV . complex volcanic & carbonate .
 Foreland since `85 | `93 acq |  slideBlock w saddle   GhostRanch
 7 sq mi 3D shoot . Sheet passed carbonate . Hi pressure air N2 & CO2 - CO2
 disolves in oil & makes lighter .
 45 M B already produced in NV over 40 yrs .
 Plan 7 devel wells in Egael Spring
 expect 1800 b%D w 1 $ % B devel cost .
 plan to | 4 more areas  being looked @ w JVs .
 Used to be just exploration .
 seek  50 to 100 M B fields . | Exploration drill bit .
 acq $5M . 1.5 B % share reserves . | .5 M$ drilling costs .vs 10M$ offshore
 .
 45M 700 wells  | sucess 1 % 50 in old drilling - because seismic didnt work
 . reworked  | think now 1 % 10 - 15  |  .5 | 1 exploratory well sucessful |
 just did largest ( 17 sq mi ) area for 600K$ |
 shooting ajacent 40 sq mi | have cashflow , reserf
 Rev ? 97 2.25 , 98 3.5 M | earnings - need to look @ cashflow . 99 10M$ -
 into drilling | cash flow | 1$%share cash flow &
 built in reserve growth wo any new finds . | 20 mkt mkrs . vol 80k % D .
 > 5000 shareholders . ESOP ? y . mng owns < .15 . inst : .1 |
 Dr Grant Steele ex Gulf , founder . Total 14 employees . mostly geo
 DavidGreen  resercher .
 all same people still there | .5 - 1M $ trading vol % day .
 New exploritory drilling - no trades . no shorting while drilling .
 52 wk range  2+5%8 Hi 7+3%4 |
 GrantCanyon . 5 refinerys in Salt Lake .  Emerald Resources : black wax
 Grade 22-28 heavy @ eagle Springs - low sulfer . for asphalt .
 acqd 6500 B%D Petrosource refinery , known people since start . no
 environmental problems . 40 yr field |  expense all exploration . |
 16.9M$ debt fin 12% w prepayment | Shareholder eq - ~ 7M . we 0 credit for
 50M$ worth seizmic . Analysts : ChuckStrain , PeterMetz .
 | cheap debt & equity offers .
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|12:53| John : 5th /Strain conf started w ChuckPaulson . Chuck & son Michael
 Strain . Ridel CPO BCI light attend this mng  . Harken well attended
 Chuck : Evergreen went 2 to 50  .
 EVO Gullander : JohnMasters : `97 on panal of Petroleum Legends :
 Found 20TrilCuFt gas in Canada :  Deep basin gas under oil under water
 Obviously bright intense .  been @ Waldorf 52 yrs ago up frm NewHaven .
 Give numbers or dates but not both .
 Incredable variety of projects going on now . He not know abt . Only knows
 US & CAnada . Has 27 slides explaing . not w him l
   Razz-ma-taz : Demand w increase . Natural gas cleanest . non hydrocarbon
 just waste of public time . Found Ambrosia Lake NM Uranium . 100 yrs worth
 of Methane . Don`t expect cost of gas to go up more than inflation in our
 lifetime . long future Hydrogen .
  Best options : Independents Onshore , NA , Gas | Protected by big oceans &
   expensive LNG tankers . MX wants to keep own gas .
  Alaska too far to be used soon .
  Bro was head of US Geo Petroleum analysis .
 Future gas  %3  from Gulf .  100M$ leases in deep water . Majors - like
 savings acnt . 2%3 w b on shore | Majors have eliminated on-shore staffs .
 can`t build back | Larger Independents have cap & tek needed . Yrs ago :
 Dean McGee : counted milionares in Houston vs Wichita . moved to gulf .
 Resource triangle : small amnt of higrade developed 1st .
  Tru for every economic resoure distributed this way .
 As tek improve can dig deeper
 First used to explain Elmworth deep basin giant reserves Anticlines :
 running hi & looking good . Capillyar traps @ botom of Alberta syncline
 120 mi long  100M$ for 1M acres . in face of 85 dry holes .
 Big new field virtually invisable - require guts & money .
  ( Big play @ Jona still mistery )
 Majors just finding Anticlines w siesmic .
 250TCF = $500B left to be discovered in on-shore large fields in new trap
 types ( no more anticlines : Coal methane - deep basin tight sand traps .
 Deep basin field . Favorable areas few percent of total basins .
 Lewis Sands in Green River & Sand Wash  where he works . Gil
 predicts w b famous as one of largest new gas fields .
 Alberta deep carbonates .
|13:36| ?S : low porosity capillary systems .
 JohnW : most memorable Moment ?  Bob Snyder , Shell Conglomenate cores ,
 normal , expect channel conglomerate , sand is beach ( like Galvatson - 100
 mi in each dir ) .
 ' John : not channel - is beach - change of grain size when going upward '
 ( Size of field of Quatar ? We`re not in that league . don`t think is
 anticline . but too big to have good idea . )
 Trap edge of tight sand sheet   40 - 80 M cu ft % day - burnd rig 18-4 down
|13:44| Charlie Maxwell greetings .
 BPI 22k |14:19| Coal Methane in IL .06 of tot US Gas . Fractures & cleats in
 coal beds . cu fto of coal can hold 300 x sand stone . no sulfer in gas .'
 may contain N2 & CO2 . Conains > 1TCu Ft . 19 space wells . know 30- 40 ft
 coal @ 1000 ft . 43K acre block . rich in overpresured gas . long lived - 8
 18 mo to get online then decline .07 % yr . 1B MCF x 2$ | backed up by
 Haliburton . looking @ 72 additional wells . 500 to be totally developed .
 Operating ptnr : 2 pipelines & electric grid crossing property .
 25M invest : Water is potable . Drill it , core it , Frak the coal .
 hydrol . Methane adherd to the coal . Drilling ahead of mining in much of
 world . make safer .
 Methane has prority acording to `95 EPA laws . 43k acres :
 Ptnr Fairfield IL : private Family : BobWheat - deal w PennCtrl .
 Farm out agree : 8 wells by June `96 - had no money . Came to Vancouver
 got tek expertise & money for .49 of co .  3D imaging & Xenon testing
 Haliburton teknik to measure holding cap of coal  .
 Working on listing in Toronto , then US . around since `80 in different
 forms . Also have .11 interest in med tek device - interocs infusion device
 FDA approved . passive investment . 1M$ cash , 0 debt . planning to raise
 12M$ . 72 wells into beds . 250 ft gas bearing shale .
 Looks like may be > 3TCF in shale . Cost for well  163K$ + compressor
 AFE    24 M $ for 72 wells   | 24 % 72 |>| 0.33
 Wheat now has deep pocket ptnr .
 expect to have proven 1B$ worth of gas . | 250kcuft % d % well
 Inverse production curve : Gas - coal , Water . get water out first - inject
 back below shale > 5000 ft . Compressing ? 1.5M for gathering & compressing
 Evergreen - first in Raton basin . Pipeline has to take production .
 1.43  BPI-Industries.com
|15:23| Evergreen Res : MarkSexton : been here 3 yrs . Denver based E&P co
 coal bed methane . 4 key drilling projects  .9 Raton Basin  , .1 3 intnl .
 Operate ALL wells in reserve base . all prod from Vermoojo deep coals in
 Raton Basin CO . .98 drilling sucess since `93 : successful appl of tek -
 take to UK . last yr 60 new Raton Wells . Got new onshor Chile , offshore
 Falklands | PED licenses UK |
 All gas had to go out thru CIG sysme
 Assets  39  89  | eq 32 62 71 Shr eq  | Ref 3.4 13 21 thru cal 98 .
 CashFlow  .1 7.6 13.5 | Earing ,  now 7 |  Reserves  63 224 300
 , value 23 159 200 thru eo98 | producing wells .eo 94 97 98 : 9 83 140 |
 mkt cap 31  160  eo 94 97 .   Raton Basin  18Tcf |
 Amoco using SanJuan teks not working . Acqd Raton frm Amoco .
 Spanish Peaks  fractured coal in basin | CO NM boarder
 Preferential Rights dispute w Amoco - came in second . Raton basin was
 restraind by pipeline | 40M % day for 15 yrs . get into mid am hub .
 CIG index | looking @ producing 100M % day . did good job on hedging
 contracts . 1.95 % Mcf | Low cost structure   .   Finid  .18 LOE .3
 G&S .2 % Mcf  cotal .68 .  > Rev - cost  1.26% MCF .
 Were leader in REserve Replacement costs . | Return on tot rev .
 .36   vs typ .1 |
 Well cost $330k | Resers | Finding cost .18 % Mcf , payout 2.5 yrs . RoI
 8.1 yrs . R. Basin now Self-finacing | 30 yr anuities
 last %2 yr slowed by need for compressors for new wells .
 400 Mcf % day asymtotic production .
 Intnl Projects .1 of tot . Company Maker potention .  Chile & Falklands
 std Oil & Gas |  Chili driy but natntl Aquafers .  2 5000sqKm blocks .
 have .75 interest , Chile Gov has .25 | Look like . shales .04 carbon along
 edge of basin . hoping for 100MB basins .
 Falkland offshore like N Sea . w Amerada Hess .
 UK  logistical issues : 600k acres for coalbed methane w Brit tek which
 was much inferior onshores .   well took 6-7 wks instead of days .
 50 different details in ways to drill & run wells .
 wells pay out in less than 3 yrs & produce for 30 . 8 % 1 payout .
 Raton 500BCF to 1 TCF .  Onshore UK  1 TCF .
 Falklands/Chile 35 - 50 B Barrels .
 Converted prefered w JohnHancock .
 Filed new underwriting . just pull because of weak mkt .
 anti dilutive @ > 17$ net asset value .
 Expanding  Gas mkting capabilties .
 Falklands  1st well spuds in apr .  Chile seismic this su, .
|16:7| hi btu value hi  water .02 impurities N2 & .
.04 air to wobbe requirment for CIG line .
 water hi in bicarbonates .
|16:19| Sharpe : RolandLarsen : Pres : Geologist | Tom Light , both on & off
 shore bkgrnd .  Water flood
 OTC BB : S  20F fileing in progress . Mkt cap  1.5 Cdn$ . was as hi 3 |
 mkt cap  50M$Cdn . offices Houston , Shingle up in Toronto .
 Roland comes from large co .  mixture of projects : Hi unit value : US
  gulf Coast , OK Anadarko  Basin  ,  & TS water flooding .  Hi quality oil
 .5 + own all projects . Look to lower risks : Miocene TX offshore tek risk
 #D seismic . > 7000 ft depth . 50B target @ > 8000 ft in 48 ft water 2.5 mi
 ff shore . Sell gas int PGE pipe . have 3 platforms . had to upgrade .
 18 stack gas zones . some produce 2.5 - 3 Mcf % day .
 want to maintain 10Mcf % day production .
 West TX - Brown Cty . 1.00 interest . 3MB recoverable oil . prod could be
 4.5M$ on 6.7M$ rev . Just spent 4 yrs pressuring .  10 well program to drill
 used to produce 3000 B%Day . just . 8ft oil s  . > 4 ohm .
 PV10 value of 27M$ . 3000 B%D pumps .15 oil .
 Anadarko 16KFt deep gas wells .  Quilla low pressure pipe over site .
 Deal w Conoco in NW CO  .  30-50 MB oil  ,  Niobrara oil .
 cash flow % share . .48 to .78 | West TX looks more like 2000 BöD than est
 1200 .  Need  10M$ to reach all objectives . New drill wells : 1M$ each .
 Anadarko wells cost 150-200K$ .
 Breakup value : 5$ +
 5M - 50 M cdn  | 2 M to 40 M asset value | last yr .
 Regular building of replacement wells . to issue equity would be enormous
 dilution . Try sr debt wo warents - Dutch , Swiss .
 Share price does not reflect cash flow . Arbitrage says borrow today .
 now 1000B%D production need | 10 M from comercial bank | Proved , not proved
 producing . .055 .06 + .0250  . if share were 6 , sell shares .
 8 ft oil on 35 ft sand .
 Have twin of West Thrifty . 8 M barrels water from next door Akeda . net
 cost just pumping .  set up to sweep every bit of oil  . 4.5M B recoverable.
 cost % B 2$ including production . Vert & horisontal permiablilties both
 high . Have 10M credit facility frm Fst Union / CoreStates . LIBOR + 1 . 56k
 debt on . Cap Mkt grp out fo Charlotte .

 Harken wants to have 120M shares oue Bitech . Columbian .
 Bitech very interesting Russia on pipeline . have some 2.5k B%D gushers .
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