After two horrible years, this stock is rising from the dead. In January of 1998 this stock was at $10/share, predicted to move to $20/share and land around $60/share within three years. This oil exploration company is the 3rd largest in Africa. It's success hinged on gaining control of the Shymkent Refinery to process its oil. There was no love loss between these two companies and it took two years and a near bankrubtcy on Hurricane's part to wake these companies up. Now they realize they need each other and a definitive agreement has been signed. There's still the issues of the creditors to work out, but Hurricane has submitted its plan to the courts. With the merger, Hurricane is a much more solid company, with a large NAV.
In the past two years this company tanked because the refinery was gauging them and not fulfilling agreements. Now, with control of the refinery, they have nowhere to go but up. In the past two years, Hurricane has decreased costs, increased production, and the price of oil has more than doubled. The company has an incredible amount of oil reserves and vast amounts of land for future exploration. A taped conference call with all stakeholders was conducted yesterday and is available until October 19,1999, till 10:00 p.m. MDT. Call (416) 626-4100 and use reservation #13326653.
Hurricane trades on the Toronto and is currently trading on the OTC, as they lost there NASDAQ listing during the tough times. Do your dillegence, but at the current .60 cents per share; I think this company has nowhere to go but up and is a solid long term buy, as well as good short term profits also. When the merger is finaled, this company will be in a better position than it was when reccommended in January of 1998.
Good luck to all of us. |
