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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Richard Saunders who wrote (1996)	1/16/1997 1:01:00 PM
From: Kerm Yerman	of 24923

Richard - Scott - Geoff / Maxx Petroleum Price approaching 1996 cash flow multiple of 5X based upon fully diluted shares outstanding and $0.46 CF/share. This level was used as price objective by Cannacaord for 12 month price target and 1997 cash flow estimate. The question is, when it reaches $2.30 - will it flatten out. Past history says "yuppers" and, it might perform the usual fall back trend. Annual report will reinforce share appreciation and price should slowly but steadily increase throughout the year. Seriously, this is a well run company and institutions will eventually recognize this. Thanks for the review of your call to the company. Information and thoughts are always appreciated.

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