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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (3771)	9/24/1997 10:35:00 PM
From: Kerm Yerman	of 24939

David - TM - Haz / Gulfstream Resources Previous 7 Pages References: 1) exchange2000.com 2) exchange2000.com 3) exchange2000.com 4) exchange2000.com 5) exchange2000.com 6) exchange2000.com 7) exchange2000.com Page 8 of 8 INVESTMENT HIGHLIGHTS Gulfstream is an asset value growth story, which is presently trading at a steep discount to our estimated NAV of $20.09 per share. The major reason for the discount is the market's skepticism concerning Gulfstream's ability to monetize its huge North Field gas reserves. We believe the odds have now shifted in favour of Gulfstream's being able to secure a sales agreement with Dubai by the end of 1997. This development alone has the potential to add $4-$6 to Gulfstream's share price. The large number of prospects on Block 11 (adjacent to Al-Rayyan) offshore Qatar provides additional share price upside. Several of the structures appear to be analogous to the Al-Rayyan field, discovered by Gulfstream early in 1996. The first exploration well could be drilled furing 4Q97, pending final approval of fiscal terms by the Government of Qatar. The recent correction in the share price because of a dearth of drilling news and some start-up glitches at Al-Rayyan is an excellent buying opportunity. We believe that the large discount to asset value will begin to contract sharply in response to an active drilling program this summer, rising production from Al-Rayyan, and positive developments in terms of a gas contract later in the year. Significant oil exploration success would serve as a catalyst for the share price to trade at a premium to our current NAVPS estimate of $20.09, probably by a wide margin. Research Capital - June 17, 1997 Rik Parkhill, Oil & Gas 416-860-7658

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