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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Stocker who wrote (3753)9/24/1997 8:24:00 AM
From: HAZ   of 24939
 
Bird / Gulf Canada

I called Gulf Investor Relations yesterday and they said that the issue is being handled by Morgan Stanley & Goldman Sachs in the US and every major broker in Canada.

Pricing will occur on September 30 and they are expecting between
$ 17 - 23 U.S. per share. They had no idea where they will end up. I believe that the shares will trade on NYSE, TSE & Jakarta.

There are 21 million shares with 3.15 million over-allotment for a total of 24.15 million. This is not an excessive amount of shares and between Canada, US, and Jakarta should go quickly. I'm going to call a broker today and find out if there are any shares available.

I also noticed the large short position on the TSE and I don't know if such a large position was there before the Stampeder takeover or as a result of it, maybe a combination of both, but I'm sure the Stampeder takeover had an influence.

I had sold my Gulf shares awhile back at 12.75 and bought Stampeder, only to get my Gulf shares back again, but at a considerable cheaper price, kind of ironic.

The analyst's keep under estimating J.P. Bryan and Gulf keeps coming through. They said Gulf couldn't afford a $ 1 billion takeover such Cylde, yet the deal was consummated and an unfriendly deal at that, in a foreign land.

I still think Gulf is risky especially if Oil & Gas prices go south, but they are cleaning up the balance sheet and they have excellent land and drilling prospects.

Just my opinion.
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