Pan East Petroleum PEC-TSE Several Projects Starting Message Board

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Gold/Mining/Energy : Pan East Petroleum PEC-TSE Several Projects Starting

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To: HAZ who wrote (9)	5/2/1997 12:57:00 PM
From: D.E. Shetland	of 73

I would be patient on this one. They are drilling 15-16 deep exploratory wells this year. Many of them are for reasonably large gas fields. Given that their reserves are only in the 100-120 Bcf range, a few 20-40 bcf fields would have a major league impact. You can't fault them for one abandoned well. By the way, they nave not reported the results from the first 2 wells this year which means they hit pay, but they want to buy up more land in the area. Two out of three ain't bad. The ones I'm excited about are Bullmoose/Sukunka, which is a proven area with huge reserve potential, Praire Creek, which they hit pay, but couldn't log, and Ram, a very deep well we should hear about in the next 4-6 weeks. There is enough news coming out over the next 3-4 months that you should wait and see what results are from these wells. Anyway, the NAV, given their reserve numbers, is around C$3.00-3.15 so there's very little downside. It's a definite buy at $3.50. Target prices would be to add C$1.00 per well they hit in the 10-20 bcf range and $1.50 for any that are higher.

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