American Resources of Deleware (GASS) Message Board

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Gold/Mining/Energy : American Resources of Deleware (GASS)

GASS 8.110

+1.0%

Feb 10 3:59 PM EST

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To: tony mendoza who wrote (36)	3/23/1997 5:33:00 PM
From: Ed Ajootian	of 172

Tony, Ave. gas prices for 1st quarter '97 are going to end up at about $2.15, vs. an average of about $3.50 for fourth quarter. This is not quite half. Also the GASS folks are very savvy and likely have hedged a lot of their production. This is especially likely due to the fact that they have a ton of debt outstanding and when that is the case the lender usually puts a lot of pressure on you to hedge. No way I would buy this stock if it goes down to 2. If it tanks that low that would indicate that the convertible bond holders have "won the battle" and they would be able to convert into the common at a rediculously low price of $1.50 per share. That would create too many shares outstanding for the valuation to make any sense.

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