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Gold/Mining/Energy : DEREK RESOURCES (DRS,V) - HUGE PROVEN OIL RESOURCE
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To: Davey Stuart who wrote (103)3/21/2000 6:30:00 PM
From: Charles Kalb  Read Replies (1) of 114
 
Hi Davey............You beat me to posting the news release. This is great news to me as the financing of the initial production well and steam generating facility was IMO the only significant obstacle to getting this show on the road. I spoke with DEREK IR a short while ago, needless to say they are very excited to get going on this project. A few points:

* Company requested the HALT today, and the stock will resume trading tomorrow.

* There are many individual investors and well-respected organizations participating in this private placement. This bespeaks much confidence in the project as much due diligence was conducted by all placees. Moreover, such a diverse group of backers virtually precludes several types of possible problems which sometimes arise down the line with junior companies, such as an individual investor dumping a large number of shares, hostile takeover attempts, etc.

* All the necessary permits are already on hand. Apparently both DEREK and Bateman Engineering have established excellent working relationships with the State of Wyoming. I see no surprises here. I was told that the State of Wyoming is very interested in developing this heavy oil resource. This project IMO has none of the foreign risks that are the downfall of some resource plays (wars, dictator-controlled regimes in far-off lands, etc.).

Looks real good to me from here.

Charles
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