International Rochester Energy Corp. (V. ROH) Message Board

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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)

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To: R F B, Jr. who wrote (85)	3/16/1997 12:24:00 PM
From: Ed Ajootian	of 188

Lets first clarify that I've not made any predictions about the well. All I've done is make folks aware of a major reason for a possible negative outcome on the well. If pressed I would still give the well a 3 out of 4 shot at being commercial, which is the average hit rate in that basin. They thoroughly analyzed the logs and have decided to set casing based on that info. IMO that is a major hurdle to have over- come in determining the likelihood of the well's success. As you have said Harken has still not even given up on the first well here; they just suspended it and plan to re-enter it at some point. The C$1 is definitely reachable IMO on a successful well. This company has a very powerful hype force behind it, what with the inside IR guys, Affiliated Networks down in Florida (Berman), and Neal Feagans and the Hirsch Organization hyping the hell out of it too. This hype will make sure folks know that this field alone could be worth over C$1 a share to the company, plus they have two other prospects in the acreage they control down in Columbia, both of which are in the same trend as the current Palo Blanco prospect. One thing that will give the stock price a boost once it hits C$1 is the provision in the warrants that says that the company can call them as soon as the stock has traded over C$1 for 10 straight trading days. The C$3.5 mm that would come in from this warrant exercise would be plenty of money for them to not only participate in the development of this field but also to start playing around with the other international prospects they are looking into right now. Take a look at their home page, in particular their site map, at the following URL: stockgroup.com The map takes awhile to load but it is worth it. There are two other prospects in their acreage that are just as prospective as the Palo Blanco. Despite my bullishness about this stock I still share your concern about its overvaluation. For this reason, although I have a significant investment in this company, I have put more than twice as much money in the stock of their partner in this well, Parkcrest Explorations Ltd. (PKC on the Alberta). Have you looked at them? Their valuation is much more reasonable especially when you consider that they also have a 13% interest in a project in southeast Texas that has aparantly found some gas.

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