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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: kingfisher who wrote (6730)8/18/1999 11:05:00 AM
From: SofaSpud  Read Replies (2) of 24916
 
Richard / Symmetry

I've been into this company for a while. It was an awesome play when they were beginning to exploit Dawson. The last year or so, though, hasn't been that impressive, now that they've exploited the play they knew so well. Reserves declined from 3,397,000 boe at the end of '97 to 3,219,000 at the end of last year. RLI is only around 5 years. Production peaked at 1,945 boe/d in 98Q4, and was 1,828 boe/d in Q2.

Management was astute when they did an equity issue right before the market dried up, leaving them with little debt when everyone else was begging their bankers. But the bottom line is that they have to prove that they can be successful in another area. IMHO, SYO is a higher-risk holding until the company proves itself with the drillbit.

FWIW
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