HRP.T Harbour Petro Message Board

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Gold/Mining/Energy : HRP.T Harbour Petro

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To: Brian Diggle who wrote (46)	6/17/1998 1:29:00 AM
From: Richard Saunders	Read Replies (2) of 62

offtopic/ Brian - valuation related.... some more numbers for comparison sake. Canrise Resources (CRE-tse) is currently doing around 4200 boepd with approx. 95% nat. gas & Natural gas liquids. Poco Petroleums (POC-tse) has just proposed a paper acquisition to takeover Canrise. The assumed value of the deal based on POC's then price of $13.80 (price eased today) is $134.6mil. The total price (totally in paper) works out to approx. $32K/flowing barrel of equivalent production using the 4200 boepd number. The indicated value of acquisition works out (on purely paper basis, no cash.....) to $0.93/mcf for proven gas reserves, $0.77/mcf for proven plus 1/2 probable reserves and $0.63/mcf for proven plus probable reserves. In Poco's instance the spin seems to be that many of Canrise properties are adjacent and in some instances joint ventures to/with Poco so possibly a "higher" paper price is being proposed. Anyways, just another way at looking at recent acquisition action in the oilpatch - there's going to be more (imo) too.......... Poco/Canrise conference call is currently available at (800) 558-5253 Access Code 4421482# Happy hunting.

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