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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)
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To: Ed Ajootian who wrote (83)3/15/1997 10:40:00 AM
From: R F B, Jr.   of 188
 
Ed :

Can't comment on whether or not Estero is commercial or not. I just don't know. However, the 1st hole drilled here by Huffco was found not to be viable at that time. Property was given back to HEC. HEC is not going to abandon that hole, rather, will expand on it when the opportunity presents itself.

Here it is March 15. Only 16 more drilling days left before the rain. If the well is as you predict, ROR will stagnate until next drilling season IMO. Regardless, the $1 figure so often mentioned here is out of the question on this prospect alone. Hopefully ROR has other coals in the fire.

I don't doubt that the issue may be worth more with time, but WHEN is the question. IMO the risk/reward ratio never tilted to my side with this play.

Good luck.

RFB
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