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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: excardog who wrote (20171)	3/12/2003 6:02:29 PM
From: Ed Ajootian	Read Replies (1) of 206110

excar, That Petrocorp is very intriguing. I just looked at it quickly and I believe they had more like $37 M in debt at 3Q, is your number more recent? From my calc they have ~ $70 M sitting in their bank account now, assuming they paid off all debt. Not sure about their tax situation but most O&G companies have huge NOL carryforwards, which could be used to shelter the gain from this sale. If you back the excess cash outta the market cap the remaining reserves are being valued at under a buck an mcfe I believe. Not many O&G companies ever get into the situation Petrocorp is in right now. It will be interesting to see where they go from here.

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