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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (1987)	1/16/1997 12:19:00 PM
From: Richard Saunders	of 24923

Kerm/ Scott, Geoff - Maxx MXP - good information Geoff. I called co. this am and asked some questions & was given some answers....... general gist of discussion revealed possibly 3 (maybe 4) reasons for recent price activity. (a) Increased public awareness of MXP fundamental due to some recent analyst Morning Updates - Cannacord was mentioned as was Griffith McBurney. Stock has recently been trading at around 3x price/CF based on "in-the-bag" cash flow. (b) Recent (Dec/Jan.) vertical exploration success near Ingoldby area in SE Sask. area. (c) Possible institutional interest based on fundamentals. '96 CF numbers will likely come in at $0.56/share (I believe Geoff's numbers are also correct but they are probably based on the 58.0mil fully diluted share number. '96 CF will likely (it is) be $28mil. Exit rate will be (was) 6100 boepd with a 79.21 oil/gas split. 1997 plans are being based on $21 WTI and $1.21/mcf.............. Co. is looking for $0.65 cf/share (fully diluted). End of 1Q production is expected to be 6400 boepd, '97 avg. to be 7200 boepd & '97 exit to be 7600 boepd. The 4th possibility?.......... Mgmt/insiders hold approx. 14% of stock on a fully diluted basis & doesn't really know where the remaining stock is at (so, the answer goes.....) and co. rep. didn't/wouldn't discount my speculation of potential takeover. Who knows?

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