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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)
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To: david bell who wrote (147)5/3/1997 3:49:00 PM
From: Ed Ajootian   of 188
 
David,

And Parkcrest has more cash than ROR too. I hear Harken has told its
partners in the Alcavaran to be in a position to ante up some more
cash pronto, for additional seismic analysis and to get the well hooked
up to the pipeline. They want to do some 3-D seismic around the Estero
to pinpoint the best developmental locations, and they now want to do
some more 2-D seismic in other areas of the Alcavaran. ROR therefore
is having to do another private placement, whereas I believe Parkcrest
can meet the cash call without any more funds.

Will be interesting if ROR is successful in doing the financing in the
form of convertible bonds vs. special warrants like the Canadian junior
resource companies typically are forced to do.

Unfortunately the Estero won't be connected to the pipeline until August
and won't even start producing _anything until next month. So now we
know why the stock prices have tanked so much.

Have you heard what happened to that Texas well Parkcrest was drilling?
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