ALCRY-A billion barrel equivalent of natural gas Message Board

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Gold/Mining/Energy : ALCRY-A billion barrel equivalent of natural gas

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To: Chris Helton who wrote ()	5/25/1999 6:13:00 PM
From: Chris Helton	Read Replies (2) of 22

There was a News item in the Financial Times recently, that Cederic Brown is joining the company in June. This means three things, 1) he has finished his due diligence and is satisfied with the size of the field, 2) they are going to exercise the option to buy the rest of the field 3) since he isn't going to take a salary, he must intend to sell the company to realize a payment for his shares. Company has stated publicly that it is for sale. ALCRY has been moving up recently ($1/sh to $1.75), others must also be aware of changes going on. It seems that this one is worth in excess of $5/sh if C. Brown is successful. An approximate valuation is achieved by dividing the number of shares into the value of the field (1.3 BB of recoverable oil equivalents is a guestimate from previous press releases) assuming various realizations/barrel. Start with $.25/barrel and go up to $1/barrel. You get $6.75/sh if you use $.25/barrel.

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