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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)
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To: Ed Ajootian who wrote (164)5/4/1997 11:37:00 AM
From: R F B, Jr.   of 188
 
Ed :

It had previously been reported on this thread and/or others that Ecopetrol may not back in to their share of Estero as they had financial problems and only wanted to back in to the larger finds. Although I don't understand the reasoning to this plan, I now am hearing the same rumors. If true this could be a big boon for HEC, ROR and Parkcrest as their percentages of the spoils would increase dramatically.

Don't know if this rumor can be confirmed in any way however. Certainly the involved companies could not come out and make such an announcement for fear that Ecopete could change their mind at a later date and open the door for shareholder lawsuits.

If Ecopetrol is having money problems, why couldn't they a)lower their percentage of recovery ; 2)lower their back in charges; 3)Allow exploration companies to take all the oil until such time as all Ecopetrol's expenes were met.

HEC's arrangement with Ecopete allows for up to 70% to be taken back after 150 mbo are found. I'm not privy as to the time constraints on either party to announce their intentions.

I'm looking for HEC to move to the $6-$7 range and hope at this price they do not get greedy and attempt Cambulos on their own. We should hear about a partner or two on that property soon.

RFB
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