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Thomson Financial Business Description:
| Acquires and explores oil and gas interests through its wholly-owned U.S. subsidiary, Dynamic Resources Corporation, Inc. The acquisition, drilling and completion costs of oil and gas interests are capitalised when acquired. If proven to be productive, their costs are charged to operations over the producing life of the property by annual provisions for depletion calculated on a unit of production basis; if abandoned, the costs less accumulated amortisation are charged to operations. All oil and gas property interests are held in the United States. In 1999 the Group acquired 100% interest in Afton Mines Property. Oil and gas royalties accounted for 5% of 1999 revenues and interest and other income, 95%. |
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