Panaco Corp (PANA) Message Board

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Gold/Mining/Energy : Panaco Corp (PANA)

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To: stevedhu who wrote (64)	7/17/2000 9:48:05 PM
From: Ed Ajootian	of 115

Steve, Its soon going to be time to "average up" your position! I would expect we'll get an informal update on the latest drilling during the 2Q conference call. Regretably PANA will probably not put anything about this subject in the 2Q release. Looking forward to hearing how deep the East Breaks 109/110 well and maybe they have even spudded their next Price Lake well by now and another well they are trying to get spudded is at East Cameron. I believe that the Burns Gustus guy would never have reiterated his "Strong Buy" until and unless they had gotten the drill bit turning to the right again. Not sure whether they ever did anything on a hype campaign. Right now that stuff is secondary to seeing what they can tell us about the numbers. I hope they were smart enough to get S&P all primed to upgrade their bond rating shortly after PANA announces 2Q. This has no direct effect to the stock valuation but I think it will have an enormously positive impact on the stock price, due to the very clear indication that it will make that the company has very solidly turned the corner. It will also further asuage anyone's fears about the credibility of the company, and who may be shying away from this stock due to the fact that is currently traded on the OTCBB. Now that natgas has turned under the all-important $4 mark it will be very interesting to see how the stock responds. I would have guessed that we have pulled in a lot of folks who were just trading this thing for a play on commodity prices, and that those types would start to bail at the first signs of commodity price weakness. Witness, e.g., Chesapeake Energy (CHK). Anyone still waiting on the sidelines wanting to get some PANA, please remain patient. The stock will more than likely turn under $1.50 over the next week or two. Wait until you see the whites of their eyes, then load up.

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