Welcome to ceocfointerviews.com!

Dover Petroleum Corp. (DVPC)
2003 Interview with: Robert Petras Salna CEO
Business News, Financial News, Stocks, Money & Investment Ideas, CEO Interview
and Information on their 100,000-acre East Wadi Araba oil concession.

This is a printer friendly page!

Dover Petroleum-a very profitable 'machine' that processes and sells oil with new discoveries in the Gulf of Suez

Energy
Drilling & Exploration
(Pink Sheets: DVPC)

Dover Petroleum Corp.

Robert Petras Salna
Chief Executive Officer

Interview conducted by:
Lynn Fosse
Editor

CEOCFOinterviews.com
January 2003

Dover Petroleum Corp. (DP) is a new publicly traded company that is presently focused on developing the East Wadi Araba Concession in the Gulf of Suez, Egypt. DP is the operator with a 56.50% joint-venture interest in the 100,000-acre East Wadi Araba oil concession. The company's corporate offices are in Richmond Hill, Ontario and Cairo, Egypt. Robert Petras Salna CEO of Dover Petroleum says, “We have a very profitable 'machine' that processes oil and sells it to British Petroleum. Since we have been quite successful and profitable, we thought it would be a good idea to do some exploration and find some additional reserves to keep the 'machine' running. We thought we could find additional reserves by drilling the East Wadi Araba targets that we have identified from about three years work on the seismic and about 10 million dollars work of British Gas, which we were fortunate to obtain.”

With regard to what they are doing to prevent possible problems, Mr. Salna offered, “We have done everything within our power to prevent any possible problems, even going so far as to insure the company’s interest by purchasing an interest in the United States of America, in the coal bed methane gas, in Moffat County, Colorado and in Carbom County, Wyoming where Phillips 66 Petroleum (ConocoPhillips – NYSE: COP) made twelve discovery wells. We are currently sizing a pipeline out there to bring that into production. That can offset any possible downside in the company. Not only are we in Egypt making sure that we don’t have any downside, we are also buying a discovery in Wyoming and Colorado. This will allow us to bring significant income into the company by producing coal bed methane gas, where in that particular area of the country, is in high demand.” When asked why investors should look at Dover Petroleum, Mr. Salna replied, “The reason that people should look at us is because we are a small company, not a large company with high potential oil and gas properties and relatively few shares in the market. We have just under 50 million shares, so a discovery of 200 million potential barrels in the Gulf of Suez, would equate to about 5 million dollars of oil. That would translate to a very healthy share price, even when you start to take the forty-seven-and-a-half percentages, and the fifty-six-and-a-half of Dover Petroleum. There is a lot of leverage per share on the amount of oil that could be found.”

There are several producing fields adjacent to DP's property in Egypt. There are 40 producing fields in the Gulf of Suez, with the 5 largest fields producing more than 5 billion barrels of oil. There are producing oil fields to the east and northeast of DP’s property. They include the October field with 1.5 billion barrels of recoverable oil; and several oil fields to the south of the concession (including Assran, Rahmi and Amir) contain an estimated 700 million barrels of recoverable oil.

Seismic data shows 14 targets with potentially large oil reserves. Drilling will commence in 2002 with estimated capital expenditures of $4 million for 2 exploratory wells. The Gulf of Suez Sedimentary Rift Basin is rated as having the most potential of any basin in the world considering the recoverability of hydrocarbons, that is, the amount of oil actually recovered from the probable recoverable hydrocarbons per cubic meter of sediments. The thickness of the sediments in the main depositional centers often reach 30,000 feet of several excellent and widely distributed source rocks and many potential reservoirs of great petrophysical characteristics at all levels of different geologic times.

To find out more about: Dover Petroleum Corp., you may order the complete text of our interview. To receive a copy of this highly informative interview, left click here: Contact & Ordering

disclaimer

Interview Highlights:

- For what purpose was Dover Petroleum started?
- How large is their East Wadi Araba property and how many drills do they have there?
- Why does Dover Petroleum believe that they will be successful with their East Wadi Araba project?
- What is involved in looking for oil, and what is the process?
- What new technologies do they use to discover oil?
- For the geophysicist, how much is technology and how much is knowledge when looking for oil?
- Who is the geophysicist that Dover Petroleum used to help them locate oil?
- What zones do they think will give them the greatest success?
- How many barrels a day do they think they can sell from the East Wadi Araba property?
- Who are Dover Petroleum’s partners?
- Has the delay in getting started helped Dover Petroleum?
- What have they done to bring in funding and prevent potential problems?
- What is the US gas company in which they own an interest?
- How many years of experience do they have on their staff?
- What is it about Dover that is attracting the quality people that they have?
- How does the atmosphere of the Middle East affect their business?
- What is their strategy for taking their oil to the market?
- Are they sufficiently funded and what will they do should they run low?
- What does the Egyptian government do that is beneficial to Dover Petroleum?
- What was the purpose of Dover Petroleum’s CEO recent trip to Egypt?

ceocfointerviews.com does not purchase or make
recommendation on stocks based on the interviews published.