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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (603)10/23/1996 5:08:00 AM
From: George Mousis   of 24935
 
Kerm



The Sprott research report was dated Apr2/96

Gordon capital report was dated Feb21/96

1996e 1997e
EPS CFPS EPS CFPS

$1.52 $3.73 $1.60 $4.03 Sprott

1996E 1997E

CFPS CFPS

$2.95 $3.85 Gordon

These reports are obviously dated given the higher Oil prices and the
Resman acquisition.

Sprott target price ($18.00-$22.00)

Gordon Capital target price: $15.00

Phone the Middlefield Group-they have copies of the reports.

Let me know if you need their phone number.

Regards

George
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