Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Ox who wrote (70736)	8/10/2000 9:13:32 PM
From: isopatch	Read Replies (1) of 95453

Let's watch and see, Mike. Maybe I'm up a tree on this one. Wouldn't be the 1st time or the last<G>. But there are a few caveats and pluses worthy of mention: 1. This is somewhat analogous to a start-up (merger of 2 companies - one private). So you have plenty of maiden voyage glitches and minor goofs. 2. Very low public visibility. Believe only a couple of analysts picked it up so far. Fairly recently, at that. 3. It's "a black box". In other words, little or nothing in the way of public releases. What the Yahoo board hasn't been able to dig up via some 1st class sleuthing, they have often stretched for very hard with some complex and occasionally very perceptive 2nd guessing. 4. About 90% insider ownership (so there will be a secondary perhaps packaged with rights or some other gimmick to soften the psychological impact of whatever dilution occurs). 5. Operations are well focused geographically, mostly in Texas (about 50% Permian Basin). 6. Nice balance of NG and crude oil reserves. A great many very low risk, behind the pipe recompletion prospects which could significantly boost proven reserves and production. 7. Some nice exploratory and developmental prospects already in their inventory. Guesstimates are about a 2 yr supply for the drill bit, based on current capex spending plans. 8. Wild Cards. Richard Rainwater is one of the key insiders. The other is Hicks - head honcho of Triton Energy. My guess is that PRZ nothing more than a very recent and tiny blip on the radar screen could loom a lot larger on a lot of investors screens. Don't get me wrong. As I said to JimP, my long is PRZ (like his) is of modest size. Many of the caveats listed above clearly tag this puppy as a speculative play, but an interesting one IMHO. Isopatch

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