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Gold/Mining/Energy : Panaco Corp (PANA)
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To: Sleepman who wrote (92)8/20/2000 7:43:21 PM
From: Ed Ajootian  Read Replies (1) of 115
 
Dan,

Great to hear you joined us! I believe the current price ($1.90) is a great entry point to buy more at this time, given the upcoming East Breaks drilling news.

This is most surprising to see the stock price rally in the face of the news of Bennett LeBow dumping more stock. I have a hunch that the guy likes round numbers, and will stay camped at the $2 mark with his stock until its all taken down. For 2 weeks after he filed to sell on 7/13, the stock traded within pennies of $1.50, and in retrospect it looks like he patiently dumped those shares at $1.50.

Every share we can rip out of Bennett's grubby hands prior to Labor Day will be another share that will not get sold into the massive rally that will occur when PANA announces the initial results of their East Breaks 109/110 drilling. I'm so glad the guy decided to sell now and not wait until after this next East Breaks well is announced.

Checked in with Houston on Friday and all systems are still GO with Starship PANA. We should be hearing an update on their East Breaks work either right before or right after Labor Day (my guess would be right after). They may decide to just keep on drilling the next well after they finish this first one, rather than test this one first. This would be immensely positive, since it would insure a huge increase in natgas production, just in time for the winter months. PANA has the Parker rig tied up at East Breaks for at least the rest of the year.

The Basin wells are now producing. Once those wells pay out (i.e., less than a year from now), PANA will have the right to back in to a 30% working interest in these wells. This will dramatically increase PANA's natgas production.
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