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Gold/Mining/Energy : Panaco Corp (PANA)

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To: Author51 who wrote (57)	5/20/2000 10:01:00 AM
From: Ed Ajootian	of 115

PANA will shortly announce the results of their recompletion of the Sturlese #1 in the MA-22 sands. I believe we will finally be getting the kind of production that was promised for this field a year ago when they first drilled this well -- 15 - 20 mmcfd gross. At current natgas prices this recompletion will have an enormous impact to PANA's bottom line. I will wait for the release to come out but it is very likely to become necessary to ramp up my already bold call for $.50/share in earnings. We have the market maker running scared and he appears to be covering his short position. I had a GTC order out there to buy at $.75 for the last several days and it only partially got filled. For the sells that occurred below $.75, it looked as if the market maker was actually taking in stock. This is very bullish for the short-term prospects. The prices of both oil and gas continue to make history on a daily basis. To an investor in the O&G microcaps, what matters more than the near-month futures price is the 12 month futures strip (ie the average of the next 12 month's futures prices). A great place to see these, which is updated every morning, is oilworld.com Found out yesterday that PANA has not initiated any activities toward a bond rating upgrade yet. Larry is gonna meet with the S&P boys next week and we'll see what happens from there. My latest thoughts on this is that at this point they may as well wait until 2Q numbers get announced before getting another upgrade. It wouldn't hurt to tee up things in the next few months though, so that S&P would be in position to do the evaluation immediately after the 2Q numbers are available. Looks like the rig earmarked for their East Breaks 109/110 prospect has finally been released from its prior job and is being mobilized. The wheels are being set in motion for this company to finally get back to drilling some holes in the ground. Still officially keeping to a "buy" for the short-term rating but between us guys, I would load up the truck on any dips under $.75 from here on.

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