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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: ddl who wrote (7499)	8/23/2000 12:57:10 PM
From: Richard Saunders	Read Replies (3) of 24939

ddl - question first. Why would you buy and continue to hold PEH-cdnx primeline energy if you don't follow the situation? Took a quick glance & PEH has over 26mil shares o/s and over 19mil are controlled by some private co. registered in British Virgin Islands and owned by Victor Hwang. Fully diluted the number is just over 28mil but that also includes 845,555 warrants at $2.16 with a Oct.14/2000 expiry which probably won't get exercised. Maybe they'll be extended/re-priced? Co. "pays" some investor relations fees to a private co. in River Forest, Illinois which is also connected to a non-oil&gas director. The co. website is slick and also tied to some IR firm which appears to be based in London, England. There were some options at $0.64 which were due to expire earlier this month but they've been replaced by $0.35 options with a July'2005 expiry. To date (mar. 31 yr. end filed at SEDAR) PEH has just under $15mil in deferred petroleum exploration costs. What has that bo't? You can answer that question........ there wasn't any income or revenues last year. Cashflows were negative. The company has been around since it took over then Consolidated Cdn. Ventures (CCV) listing back in July/'95. The offshore China stuff sounds intriguing however you're talking semi-submersible rigs, etc. which translate into big dollars. Sure, the co. has some carried part of the exploration possibilities however there still is potential for adding more to the deferred petroleum exploration costs. Co. has a London, England office with other offices in Hong Kong and Shanghai. PEH is also registered in the Cayman Islands. As of Mar. 31 PEH showed $10,783 in cash on the balance sheet. You can interpret the rest........

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