American Resources of Deleware (GASS) Message Board

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Gold/Mining/Energy : American Resources of Deleware (GASS)

GASS 7.960

+2.7%

Feb 6 9:30 AM EST

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To: John Liu who wrote (56)	4/22/1997 7:37:00 PM
From: Ed Ajootian	of 172

John, Based on today's rally on huge volume it appears to have had an effect on the market. But IMO this is just a just a bunch of jive being thrown out by GASS, totally unsupportable by reality. The line in their release about the stock price being below book value is bullshit. With the additional shares that can come into being from conversion of the convertible bonds the book value per share is well under $2. GASS finished 1996 with a 5+ mill. deficit in working capital. Note that that was _after they raised the 6 mill. from the convertible bonds. Now they say they are going to buy back $2 mill. of stock. Where pray tell will the $2 mill. come from? They are already virtually maxed out on their bank line. In fact I am amazed that the bank line even permits stock buybacks. Perhaps the stock rallied today for another reason, such as one of those deep exploratory wells that GASS is into hit some big reserves. Or maybe folks are finally starting to focus on the fundamentals of the company with the 1st quarter numbers just a week away from being announced.

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