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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting
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To: HAZ who wrote (9)4/28/1997 7:50:00 PM
From: Syncrude   of 73
 
Remember that PEC is not a cash flow play at the moment. It's $160 million market cap (44mm shs * 3.65) is based on 1996 year end reserves of 12.49 million barrels of oil equivalent (+425k lt of sulphur) won't carry this company very far. It currently produces rougly 2600 barrels of oil equivalent. Exploration results are highly factored to even the current price. So you can imagine that if significant gas drilling results are not repeated, the price can and will go south. Institutional investers won't be patient very long. So cross your fingers!! Expect big swings depending on the results, ie. 2.50 at the low end to perhaps 7-8 on the other end.
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