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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: John Doyle who wrote (55778)12/1/1999 6:00:00 PM
From: dfloydr  Read Replies (1) of 95453
 
John, I hold all three of those ... TMR, RRC & MEXP with red ink next to each so far.

I posted the following on the Yahoo/MEXP thread earlier:

Yesterday we had a good talk with Mr. Miller. I came away with the feeling that this stock is not reflecting their situation fairly. So I bought more this morning.

Nothing confidential was disclosed. It was just that I came to have a better feel for their relationship with the Bank of Montreal and the assortment of drilling activities
going on. You might say some of my fears went away.

1. BOM: this thread has taken a very jaundiced view of MEXP's deal with the BoM and from the cold disclosure documents that is easy to understand, particularly given
that the interest rate they are paying is fierce. The rest of their deal seems to be working well and talking to Mr. Miller you do not get the feeling that this is a hostile
relationship. In fact it is working out quite well. MEXP's cash flow has allowed them to pay off their December payment early (11/22). The $4mm due at the end of
January was moved to January from the originally requested December date as that fit MEXP's cash flow better. There were other anecdotes, but, in sum, they are
working together in a good businesslike way. The present deal runs through early next year and there is time to either renegotiate or replace the present bank lending. Those
options will be explored after some of the present drilling results are in hand.

2. The drilling is moving along nicely. I noted a ton of details, but the net of it is that there are several very good prospects and several opportunities to come in with some
very good news. The relationship with Remmington was discussed and it apparently grew very nicely out of the fact that they and MEXP have some adjacent acreage. That
meant that Remmington knew what MEXP was after and felt comfortable signing on to a deal that meant drilling all the prospects, rather than drilling one with the rest on the
come.

I'll review my notes and see if there is anything more worth posting.
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