re: ****2005 company maker**** Hi Sandybeaches,OK, NWE is...

re: ****2005 company maker**** Hi Sandybeaches,

OK, NWE is showing good results and we can expect more and soon. So don't underestimate this company.

What can we value today.

Cash in the bank. Around 4 cents per share although some is committed.

North Sea. From HC. a valuation of the North Sea leases being worth about $15m or 10 cents per share to NWE. (Blue sky of $80m if drilled and successful)

USA Spending $3m to earn 10 month payback. If successful, earnings will be over $5m per year. Worth cap. value of 10 cents per share to NWE. Starting early 2005. More blue sky.

ACP32. After farm in announced yesterday NWE have 30% +. Magnolia is said to contain 80-100mbls recoverable if successful. Drilling due early 2005. Success worth up to $2.00 per share to NWE. The opportunity must be worth 5 cents per share now but this is a company maker by itself.

There are several smaller opportunities. Then NWE are seeking a really big project.(Some are speculating on India)

I add this up to say 30 cents per share today. This will be cheap in the future. NWE is on the move.