Pan East Petroleum PEC-TSE Several Projects Starting Message Board

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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting

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To: D.E. Shetland who wrote (22)	8/21/1997 7:55:00 PM
From: Syncrude	of 73

I beg to differ with your assessment of Pan East. The current share price is extemely high on a cash flow per share basis and was built up with high expectations on the current drilling program. It would appear (unless PEC is withholding info) that this program has been a dismal failure and the current share price is NOT justified by the results to date. PEC has not done a good job at keeping shareholders informed (only interested in institutional holders). Try to keep up with the drilling program for example, hard to know where they are at. I suspect that they will try to sell of the company (mgmt holds a little over 10% of the company) since they have not been able to repeat past drilling success and cash flow is low. Many shareholders have been waiting for a long time and patience is wearing thin.

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