Cuervo Resources Inc CRVNF

FE Revised 2005 Guidance..NOT GOOD

[pritz]

Find Energy Ltd. Announces Operational Update and Revised 2005 Guidance 1/17/05 CALGARY, ALBERTA, Jan 17, 2005 (CCNMatthews via COMTEX) -- Find Energy Ltd. ("Find" or the "Company") (TSX:FE) Find today announced an update regarding its operational data for the year ended December 31, 2004 and revised guidance for its capital expenditure budget, drilling and production fo r the 2005 fiscal year. Due to disappointing drilling and production results prior to year end, Find exited 2004 producing approximately 2,780 boed (comprised of 7.6 mmcfd of natural gas and 1,500 bopd of oil) rather than 3,200 boed (comprised of 8.4 mmcfd of natural gas and 1,800 bopd of oil) as previously estimated. The variance from the original exit rate estimate is due in part to the failure of a gas well at Ariel, Alberta. Although this well showed significant early promise it failed to meet the economic hurdle required to commence production. A gas well at Bigstone, Alberta was delayed and will commence production during the first quarter of 2005 at a rate net to Find that is somewhat less than the Company's initial estimate. Further, two gas wells at Pembina West scheduled to commence in December 2004 will not be tied-in until sometime in the first quarter of 2005, one of which tested at rates higher than originally estimated. Exit rate production was also impacted due to disappointing results at Hazlet, Saskatchewan where five (2.7 net) horizontal oil wells were drilled and brought on production prior to year end. Find was anticipating production from this oil pool to yield 636 bopd net to the Company. At the end of 2004, the property was producing 540 bopd and the property is currently producing 360 bopd net to Find. Production from Hazlet at this time last year was approximately 50 boed net to Find. Currently Find has working interest production of 2,570 boed comprised 7.5 mmcfd of natural gas and 1,320 bopd of oil. As a result of the foregoing, Find's 2005 exploration and production capital expenditure budget has been altered to emphasize those areas where Find has had exploration success. The budget has been revised to reflect capital spending of $37 million rather than the $47 million authorized in early December of 2004. In addition, Find expects production for the 2005 fiscal year to average 3,050 boed (comprised of 10.5 mmcfd of natural gas and 1,300 bopd of oil), down from the previous estimate of 4,000 boed (comprised of 13.2 mmcfd of natural gas and 1,800 bopd of oil). As a comparison, during 2004 Find estimates that it produced an average daily production volume of 2,320 boed, made up of 5.9 mmcfd of natural gas and 1,340 bopd of oil. Find has also revised its estimate of the number of wells it is proposing to drill during 2005 to 38 gross (26 net) from 56 gross (39 net). The geographic emphasis for the Company's capital expenditure activity will be primarily directed to West Central Alberta, in particular the Pembina West area where 17 wells (11.2 net) are scheduled to be drilled. Pipeline activity is underway to tie-in three wells (2.3 net) that, when producing, Find estimates will bring production from the area to an average of 650 boed net during the month of April 2005. By way of comparison Find commenced production from Pembina during March 2004 averaging 29 boed. There are also two (1.8 net) additional wells awaiting completion and testing at Pembina West where Find is currently drilling one well (0.4 net) and plans to drill five (2.6 net) more before spring break-up. The Bigstone area, also in West Central Alberta, will remain active with three (1.3 net) more wells to be drilled in 2005, one (0.51 net) to be tied in and another two (1.4 net) drilled and waiting to be completed. Production at Bigstone commenced in November 2004, currently Find produces 140 boed from one (0.39 net) well. Results at both Whitecourt and Thorsby Alberta have been less encouraging and activity in these areas is being scaled back. However, a Belly River gas pool that was discovered by Find is now producing 48 boed from one (0.75 net) well and will see two additional wells drilled. At Whitecourt, one well (0.75 net) that was temporarily abandoned due to complications that arose while drilling will be re-drilled to produce gas from the Viking formation that was flowing at significant rates prior to abandonment. In 2004 Find participated in the drilling of 53 wells (33.4 net). Eighteen (9.6 net) of these wells are currently producing while another nine (6.3 net) wells are scheduled to be tied-in during the first quarter of 2005. Twelve (7.3 net) are cased as potential producers with completion and evaluation operations scheduled, two (1.5 net) are service wells and twelve (9.3 net) are dry holes. The Company is committed to maintaining a strong balance sheet and believes that the adjustments to capital spending will fuel growth while preserving Find's financial integrity. At year-end 2004, total debt including working capital was approximately $14 million. The Company has a $30 million revolving credit facility with National Bank of Canada. This news release contains certain forward-looking statements, which are based on Find's current internal expectations, estimates, projections, assumptions and beliefs. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. These statements are not guarantees of future performance and involve a number of risks and uncertainties, many of which are beyond Find's control. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Find's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Find will derive from them. Find has adopted the standard of 6 Mcf:1 BOE when converting natural gas to BOEs. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. These risks and uncertainties include, among other things, changes in general economic, market and business conditions; changes or fluctuations in production levels, unexpected drilling results, commodity prices, currency exchange rates, capital expenditures, reserves or reserves estimates and debt service requirements; changes to legislation, investment eligibility or investment criteria; Find's ability to comply with current and future environmental or other laws; Find's success at acquisition, exploration and development of reserves; actions by governmental or regulatory authorities including increasing taxes, changes in investment or other regulations; and the occurrence of unexpected events involved in the exploration for, and the operation and development of, oil and gas properties. Many of these risks and uncertainties are described in Find's revised initial Annual Information Form and Find's Management's Discussion and Analysis. Readers are also referred to risk factors described in other documents Find files with the Canadian securities authorities. Copies of these documents are available without charge from Find. Find disclaims any responsibility to update these forward-looking statements. Find Energy Ltd. William T. Davis CEO [phone] [phone] (FAX) or Find Energy Ltd. Jeffrey P. Jongmans CFO [phone] [phone] (FAX) NEWS RELEASE TRANSMITTED BY CCNMatthews Copyright (C) 2005, CCNMatthews. All rights reserved

[burgoyne]

I think what really suprised me was the number of issues. We are not talking one well here, we are talking about issues all over the board. That is realyl scary. I've seen one well (Questerre) or one field (CLL) mess up a company, but this seems very widespread and does not exactly inspire confidence. Lets see, Ariel did not work out, bigstone not what they expected, two wells at Pembina

[TheRed]

So much for my price target of $3.40... burgoyne, That's one negative outlook, that, given the source, I intend to treat very seriously. If FE is a distressed dog, then I could see it slide to $2.40 or slightly lower. Need those reserves. As to the other disappointed folks. No, this is not Nortel. We actually have timely and informative quarterly reports here and FE still has REAL