Dynamic Oil & Gas 6K Current report

File No. 0-17551

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report on Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16
Of the Securities Exchange Act of 1934

For the Period of November 29, 2002

DYNAMIC OIL & GAS, INC.
(Registrant’s name)

Airport Executive Park
#205, 10711 Cambie Road
Richmond, B.C.
Canada V6X 3G5
(Address of principal executive offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20F or Form 40-F

Form 20-F X

Form 40-F

Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934

Yes

No X

If “Yes” is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): Not applicable

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Dynamic Oil & Gas, Inc
	(Registrant)



Dated: 11-29-02	By: /s/ Mike Bardell

	Mike Bardell, Chief Financial Officer &
	Corporate Secretary

-2-



	November 29, 2002 Fiscal 2003, Q2 Financial Highlights Dynamic Oil & Gas, Inc. reported today financial and operational highlights for the three and six months ended September 30, 2002 compared with the same periods of the previous year.


(Unless otherwise indicated, $(000’s)	For the Three Months Ended		For the Six Months Ended

Statements of Operations	Sep 30, 2002	Sep 30, 2001	Sep 30, 2002	Sep 30, 2001

	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Gross revenue	6,418	6,886	13,612	13.536
Cash flow from operations¹	3,031	3,028	5,686	6,038
- per share, basic($)	0.15	0.15	0.28	0.30
- per share, diluted($)	0.15	0.15	0.28	0.29
Earnings	490	911	1,314	1,560
- per share, basic($)	0.02	0.05	0.06	0.08
- per share, diluted($)	0.02	0.05	0.06	0.08
Capital expenditures	3,385	1,329	3,936	18,710

Daily production
Natural gas(mcf/d)	14,147	15,590	14,400	13,086
Natural gas liquids(bbls/d)	677	677	693	543
Oil(bbls/d)	192	71	164	52
All products(boe²/d)	3,227	3,346	3,257	2,776
Total Q1 production (mboe)	297	308	596	508

Weighted average sales prices
Natural gas($/mcf)	3.50	3.57	3.81	4.41
Natural gas liquids($/bbl)	18.89	21.46	18.95	23.98
Oil($/bbl)	42.54	42.75	41.12	41.99
Equivalent ($/boe)	21.71	21.89	22.82	26.29
Field netback³($/boe)	11.79	12.69	12.33	14.87

	¹	Cash flow from operations = is a non-GAAP measure that is therefore may not be comparable to similar measures presented by other companies. It is defined as Cash Provided by Operating Activities in the Company’s Statements of Cash Flows before Changes in Non-Cash Working Capital Affecting Operating Activities.
	²	boe = barrels of oil equivalent (6 mcf = 1 bbl); mboe = one thousand boe.
	³	Field netback = revenues less royalties and production costs.

	As at Sep 30				March 31

Balance Sheets	2002		2001		2002

	(unaudited	)	(unaudited	)	(audited	)
Working capital	(12,739	)	(12,950	)	(13,280	)
Total assets	38,158		43,847		37,152
Shareholders’ equity	17,650		21,558		16,593
Common shares, (000’s)
authorized 60 million
- basic	20,407		20,312		20,365
- diluted	20,417		20,624		20,467
- period end	20,313		20,335		20,462

Dynamic Oil & Gas, Inc. Airport Executive Park Suite 205 – 10711 Cambie Road Richmond, British Columbia Canada V6X 3G5
Tel: 604/214-0550 Toll free: 1-800/663-8072 Fax: 604/214-0551 E-mail: infodynamic@dynamicoil.com Website: www.dynamicoil.com



	Highlights – Second Quarter (“Q2”) Fiscal 2003 In Q2 fiscal 2003, our cash flow generated from operations was $3.0 million while earnings were $0.5 million. During all of July, natural gas prices were dramatically weaker than in August and September. Combined with the fact that our total production was over 70% natural gas, our cash flows for Q2 fiscal 2003 were lower by approximately $0.3 million. During the quarter, we significantly increased our oil production during a period of strong oil prices. At the close of Q2 fiscal 2003, we utilized $13.0 million of our revolving, demand credit facility, leaving an undrawn balance of $8.0 million available. During the first six months of fiscal 2003, our cash generated from operating activities was sufficient to fund our total capital expenditures and exploration expenses. Our average daily production of natural gas and natural gas liquids, combined, decreased by 240 boe per day (“boe/d”) or 7%, to 3,035 boe/d in Q2 fiscal 2003 compared to Q2 fiscal 2002. This decrease is the net result of production declines of 534 boe/d from Peavey/Morinville and St. Albert, offset by new production of 294 boe/d from Halkirk and Alexander, two fields that were not yet developed a year ago. In Q2 fiscal 2003, a dual-use wellbore used to produce gas at St. Albert from the BQ-A and BQ-B zones was changed to a single-use wellbore that continues to produce only from the BQ-A. The change has not affected total BQ-B reserves, as they continue to be produced from other nearby wellbores. It has, however, decreased BQ-B production by approximately 300 boe/d. Toward the end of Q2 fiscal 2003, a new gas well at Halkirk began producing at an initial average daily rate of 472 mcf per day. In the latter half of fiscal 2003 at Halkirk, we expect to tie in a standing gas well, drill another one and add compression facilities. Our average daily production of crude oil during Q2 fiscal 2003 increased by 121 boe/d or 170%, to 192 boe/d compared to Q2 fiscal 2002. This increase was due to three new St. Albert oil well discoveries coming on stream at various times during the quarter. One of the wells, 06-25, commenced a two-week production test on September 30. Due to the fact the well began producing on the last day of Q2 fiscal 2003, it did not add significantly to the total average daily production of the quarter. However, on that day the well flowed 629 barrels of oil. The two other oil wells, St. Albert 11-25 and 10-36, produced for most of the quarter at daily average rates between 53 and 71 barrels of oil per day. In July, natural gas daily spot prices plummeted to approximately half of their late June levels and by early August, they recovered. The effect of this spot market price drop on our weighted average natural gas price of $3.50 per mcf (“/mcf”) in Q2 fiscal 2003 was softened by our sales into the aggregate market. Comparatively, our weighted average price for Q2 fiscal 2002 was $3.57/mcf. From Q2 fiscal 2002 to Q2 fiscal 2003, our weighted average price for natural gas liquids decreased $2.57 per barrel (“/bbl”) or 12%, to $18.89/bbl and our weighted average price for oil remained relatively constant. Our fiscal 2003 year-to-date weighted average price realized for natural gas decreased by $0.60/mcf or 14%, to $3.81 from the same period in fiscal 2002. From fiscals 2002 to 2003, our year-to-date average price for natural gas liquids decreased by $5.03/bbl or 21%, to $18.95/bbl and our weighted average price for oil remained relatively constant.

During Q2 fiscal 2003, our capital expenditures increased by $2.0 million or 155%, to $3.4 million over Q2 fiscal 2002. Of our total capital expenditures in Q2 fiscal 2003, we incurred 64% for drilling and facilities at St. Albert, 17% at Halkirk, and the balance at Cypress and Orion, BC. In Q2 fiscal 2002, we spent 87% of our total capital expenditures developing the Halkirk property.

Apart from $14.7 million spent last year for the acquisition of additional working interests at St. Albert, our level of capital spending remained unchanged in the first six months of fiscal 2003 from the comparable period a year ago.

We will continue to focus on exploration activity, production increases, and reserves development in our core areas for the remainder of fiscal 2003. Our core areas in central Alberta are St. Albert and Halkirk, and in northeastern BC they are Orion and Sikanni/Cypress.

Dynamic Oil & Gas, Inc. is a Canadian based energy company engaged in the production and exploration of Western Canada’s natural gas and oil reserves. We own working interests in several central Alberta producing properties, and in early-stage exploration properties located in southwestern and northern British Columbia.

On Behalf of our Board of Directors,

Wayne J. Babcock
President & CEO

"THE NASDAQ AND TORONTO STOCK EXCHANGES HAVE NOT REVIEWED NOR ACCEPTED RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE. SOME OF THE STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD LOOKING STATEMENTS INCLUDE ALL PASSAGES CONTAINING VERBS SUCH AS 'AIMS, ANTICIPATES, BELIEVES, ESTIMATES, EXPECTS, HOPES, INTENDS, PLANS, PREDICTS, PROJECTS OR TARGETS' OR NOUNS CORRESPONDING TO SUCH VERBS. FORWARD-LOOKING STATEMENTS ALSO INCLUDE ANY OTHER PASSAGES THAT ARE PRIMARILY RELEVANT TO EXPECTED FUTURE EVENTS OR THAT CAN ONLY BE FULLY EVALUATED BY EVENTS THAT WILL OCCUR IN THE FUTURE. FORWARD LOOKING STATEMENTS IN THIS RELEASE INCLUDE, WITHOUT LIMITATION, UNCERTAINTY RELATING TO THE RATE OF CAPITAL SPENDING AND CREDIT LINE USAGE FOR THE BALANCE OF FISCAL 2003. FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, INCLUDING A RISK THAT INITIAL PRODUCTION FROM NEW WELLS WILL CONTINUE AT RATES REPORTED FOR A PERIOD OF AT LEAST ONE YEAR, AND THE OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY'S ANNUAL REPORT ON FORM 20F FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, LAST FILED ON AUGUST 19, 2002."

Dynamic Oil & Gas (DYOLF) Inactive 6-KCurrent report (foreign)