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Gold/Mining/Energy : DRA - DRAIG ENERGY LTD
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To: David Michaud who wrote (11)5/26/2000 9:41:00 PM
From: kingfisher  Read Replies (1) of 15
 
On May 16th Sprott issued a market perform on Draig with a 12 month target of $2.50.
They project cash flow for fiscal 2000 of .67 cents per share fully diluted.Debt to 1st quarter cash flow annualized is 3.2 times.Current debt now $25 million.
They have locked in a price of $3.05 per mcf until November of 2001 for virtually all of current production.(13MMcf/d)
Gas is now over $5.Draig is getting killed on that hedge.They have blown a great opportunity to make major $ in 2000 and 2001.
I would avoid this stock.Much better opportunities elsewhere.
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