KOB.TO - East Lost Hills & GSJB joint venture Message Board

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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture

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To: Check who wrote (3708)	7/28/1999 10:59:00 AM
From: Salt'n'Peppa	Read Replies (2) of 15703

Morning Check, thanks for the NR update on TMK. One item scares the hell out of me... <<< • The Company is considering the acquisition of production in the United States. It is hoped this will provide the Company with immediate on-going cash flow until the California projects are ready to come on-stream. The Company will only consider projects that can be purchased using bank financing. >>> Reading between the lines, and remembering that HTP just stated in their latest NR that they will sell up to 50% of their Texas gas properties, I foresee another asset/cash swap between TMK and HTP. Perhaps such a swap will be for the common good, but little inside dealings like this always scare me, when the two companies have common directorship. HTP has $14MM debt, which is quite manageable. It is a great idea to sell some recently proved properties and balance the company ledgers. The thing is, TMK is going to need to raise yet more cash to do so, if I am not mistaken. I foresee another PP around the corner. Then again, my reading between the lines could be totally wrong. Any thoughts? S&P

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