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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: WINDSURFER50 who wrote (3678)9/12/1997 11:22:00 AM
From: SofaSpud   of 24939
 
Thomas / Barrington

Ditto what Arnie said, talk to Kerm. There was some discussion on BPL early
on in this thread - say September / October 1996. Since then the company has
just beavered away on it's exploration program and done fine. Nothing flashy,
so the stock has kind of languished -- people who know the company seem to
really like it, but the low profile means not too many people know the company.

FWIW, I found the second quarter results very positive. The aggressive drilling
program is what you would expect from a company as rich in acreage as BPL.
They drilled 105.7 net wells with 76% success. That should mean that cash flow,
already up 22% over the first half of last year, will almost certainly improve noticeably
in the next couple of quarters as production is tied in. While the debt level seems
a bit on the high side (1.9x CF), it is to be expected so soon after a major acquisition
(Cube). Plans to sell non-core assets, and rising cash flow, leave me pretty
comfortable with the debt.

I'll have to leave it to Kerm to discuss takeover prospects. Since I'm not looking
to increase my position right now, I haven't looked at the warrants.

I've had a postition for about a year, and have no intention of selling at this time.
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