Neutrino Resources..Good Cash-Flow.. Message Board

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Gold/Mining/Energy : Neutrino Resources..Good Cash-Flow..

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To: Goldentouch who wrote (3)	6/14/1997 1:41:00 AM
From: Richard Saunders	of 45

goldentouch/ your email's not showing so here goes.......... you mention a $3 target? As always, time'll tell but unless something spectacular happens I suspect you'll be waiting for a while. Last I looked (06/03 info.) there were approx. 35 wells planned for '97 with about 1/2 of them being operated by NTO. I think 26 of the wells are development and to date 8 have been drilled with a 100% success rate. Current production is right around the 3100 boepd mark and exit production for '97 is estimated to be 3500 boepd. It would appear that you could make the argument that NTO is now changing gears and planning to add growth by drilling rather than the merger & acquisition route which they've been doing since inception (July'94)......... time'll tell. Cashflow for '97 is estimated at somewheres between $10 & $11mil. or approx. $0.44/share. Personally (don't hold a position at present) the one thing that I'm not too hepped on is the amount of issued shares - there's currently 24.8mil issued and the fully diluted number is around 33.1mil. For a possible target price I'd suggest a number much closer to $2 although I will concede that substantial success on the exploration holes (I think 9 are planned for '97) could move the $2 number up a notch......... also, (fwiw) the current net asset value of the stock is apparently right around the $2.25/share level. Also, there appears to be approx. $34.5mil of tax pools available. Bottom line?....... (imo) hope's a great thing (and also not too far from Spuzzum...... geography joke :-)) but I'd suggest your $3 target is somewhat hopeful based on currently estimated fundamentals, etc........ time'll tell.

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