Midland MRIX, MRIXZ Message Board

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Gold/Mining/Energy : Midland MRIX, MRIXZ

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To: CKramer who wrote (15)	4/12/1997 6:56:00 PM
From: Ed Ajootian	of 32

C, I don't believe in using specific price targets with respect to the O&G microcaps. I just like to find companies that are reasonably priced in relation to their current break-up value, and that have demonstrated that they know how to find petroleum. I am waiting for the '96 10KSB for MRIX so I can calculate the break-up value. It is probably significantly below the current price. But once you factor in the potential of the Chalk Mountain field, it swings the stock into a severely underpriced situation as you have found out. Bottom line is this. They have been able to triple the market cap. of the company (after factoring the in-the-money warrants) for just spending about a buck a share for their exploration program. This is a phenomenal return and I believe it is sustainable based on what I know about the MRIX folks. The Chalk Mountain find is amazing. Now that they have reprocessed the seismic data incorporating the info. learned from the well the drilled they have identified locations that appear to contain even more oil than the first location they hit there.

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