Athlone, My Top Stock Pick for 2004 (Dr Richard Appel)
January 15, 2004
321gold.com
Owning shares of Athlone is a play on its exceptional management. Among its directors is David Smith. Prior to 1982, he was Vice President of Exploration for Shell Canada where he was instrumental in the discovery and development of about 15 trillion feet of natural gas. Subsequently, and prior to its sale, Mr. Smith built Lasmo Canada into a 5,000 barrel a day oil producer.
Athlone's objective is to become an important oil and natural gas producer by exploiting low risk projects that offer immediate payback or that are substantial in size. In the few months since entering the oil patch Athlone has acquired the right to earn into up to 140 sections (89,600 acres) in the Belle Fourche project in Saskatchewan. Athlone has since drilled five wells there and, using the preliminary results, have acquired an additional 35 sections (22,000 acres). They are in the process of completing and testing the wells and just closed a $4.5 C. million financing to fund further drilling.
Given Athlone's wealth of contacts in the industry, as well as $30+ oil and $5 + natural gas prices, I am confident that Athlone will bring similar important projects into the company. I first featured Athlone at $0.84 C. and own shares of the company.
/ jim |
