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Gold/Mining/Energy : Panaco Corp (PANA)
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To: Bearcatbob who wrote (79)7/9/2000 9:28:39 PM
From: Ed Ajootian   of 115
 
Bob,

I'd suggest calling or e-mailing Michele at PANA IR and she'll be sure to get another copy of the IR pack out to you.

1) Yes, the put options PANA has allow it to fully participate in all commodity price improvements.

2) Not exactly sure why the market continues to have a problem giving PANA its due. I believe it is from a combination of some or all of the following:

a) Carl Icahn stigma. Carl owns 19% of this company and a lot of folks don't wanna have anything to do with the guy.

b) Previous catering to the institutional investors. This company's management previously catered primarily to institutional investors and this backfired when the company ran onto an extended period of hard times. Institutions have a lot less patience and longer memory than retail investors.

c) OTC BB listing. This was devastating to the company given "b" above. They still have yet to recover from this.

d) Inability to get back into a drilling mode. The company has not drilled a well in about 3 months. This was being viewed very negatively by the market IMO and is a major reason that the stock price has lagged the fundamentals IMO.

3) Near-term stock price catalysts will primarily be the 2Q report, which will be a blowout. Also I believe they will get a lot of action if they hit this well in their East Breaks 109/110 prospect that they were supposed to have spudded by now. Finally, as announced last month they are actively looking at acquisitions and if they announce one of these on good terms then the stock could move a lot too.

4) East Breaks 109/110. Look for productive sands both in the upper & lower targets. If so the stock should go up a coupla bucks or so. News should come out in August after 2Q earnings.

Its pretty obvious to me that the stock is being accumulated by some heavy hitters, in anticipation of the 2Q earnings release. I would expect another week or two of consolidation around the $1.60 mark and then it will be off to the races.
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