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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (9816)	2/25/2000 12:31:00 AM
From: Archie Meeties	Read Replies (1) of 78661

Berkley Petroleum. T.BKP Canadian explorer founded by ex-Shell management in 1993. CEO is a geologist. Since inception has maintained profitability despite weak gas markets and depression level oil prices. Production breakdown. appx 60% gas, 40% liquids. Production growth currently focused on gas. Growth: Production growth/share in excess of 80% over past 5 years. Reserve growth appx 25%, with simultaneous growth in both proven and probable reserves. Reserves: 1.2 TCF proven + probable. Share price reflects uncertainty of California exploration, but discounts any possible success there. It also discounts recent success in the NWT with Chevron. By most estimates of 99 reserve additions, a share price of 9 Canadian is a discount to asset value. When year end reserves are published we'll know for certain. Today it closed at 8.85 cd. Regardless if the current share price discounts Ca, if California is dry the share price will suffer. A reasonable strategy would be to accumulate under 9, with plans to avg in over the next 3-4 months as the results from Ca. become clear. This will also mitigate any weakness from OPEC March production increases (if any).

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