>Thank you for subscribing to The StockPlayer Newsletter. Congratulations to
>those of you who purchased our last Stock Pick, Avitar Inc. Avitar provided
>a return to our investors of 83%. (Avitar was recommended at $0.53 and ran to
>$0.97 over a 30 day period for an 83% gain.) If you are receiving our
>Newsletter for the first time, we would like to tell you a little about The
>StockPlayer Newsletter. First of all, The StockPlayer Newsletter is not only
>Internet based. This means that our Newsletter is distributed via hard copy
>to various investors and brokers throughout the brokerage industry. The
>StockPlayer Newsletter is first released to our Internet subscribers and
>approximately two weeks later, our Newsletter is released to various
>investors and brokers throughout the United States. Our Stock Pick for June
>will be released for the first time today, May 24, 1997. The StockPlayer
>spends countless hours researching and scrutinizing stocks that we feel offer
>tremendous upside potential. (Stocks with the potential to appreciate 100% to
>300%.) With over 20,000 publicly traded companies to chose from, our stock
>analysts complete extensive research and financial analysis before we select
>a company. The StockPlayer has four independent analysts who review each
>company in detail.
>
>The StockPlayer website offers free stock quotes, free stock graphs and other
>various information and news about publicly traded companies. In addition,
>approximately every 6 weeks, our team of analysts selects one stock which we
>feel will appreciate 100% to 300% over the next 3 to 12 months. The key
>factor in determining our "Stock Pick" has to do with the significance of
>news releases that we expect the company to release within the next 60 days.
> We provide financial data, news releases, corporate data and an overall
>business profile of the company on the StockPlayer.com website. Again, this
>information is available for the first time today under our Stock Picks
>section. In addition, starting Thursday, May 29th, the StockPlayer will be
>posting all the daily trades on our June Stock Pick so that you can follow
>the trading activity in detail. This information will be available at
>StockPlayer.com under the section Daily Trades.
>
>Our Stock Pick for June of 1997 is a company by the name of ARXA
>International Energy, Inc. ARXA trades on the NASDAQ BB under the ticker
>symbol ARXA. We believe that ARXA offers investors the potential for a 100%
>to 300% return on their investment. Over the past 52 weeks, ARXA has traded
>as high as $6.50 and as low as $1.50. The stock is currently trading near
>its 52 week low and we feel ARXA is ready for a significant move. We will
>outline the details of the company as well as our reasons as to why we feel
>ARXA will appreciate significantly over the next 3 to 12 months. We are
>looking for a short term target of $4.00 to $5.00 per share and a long term
>target of $8.50 to $9.00 per share.
>
>-------------------------------------------------------------------
>Name of Company: ARXA International Energy, Inc.
>Ticker Symbol: ARXA
>Current Price of Stock: Bid $1.81 Offer: $2.06
>52 Week High: $6.50 52 Week Low: $1.50
>Stock Exchange: NASDAQ BB
>Shares Outstanding: 7,481,159
>Estimated Float: 950,000
>Rating: STRONG BUY RECOMMENDATION
>Price Target: $8.50 to $9.00 per share
>-------------------------------------------------------------------
>
>Company Summary and Investment Opportunity
>----------------------------------------------------------
>ARXA International Energy, Inc. is an independent oil and gas company engaged
>in the acquisition, exploration and development of gas and oil properties
>throughout the United States. Based in Houston, Texas, ARXA commenced its
>operations in 1996 with the bulk of the drilling programs starting in October
>of 1996. Believe it or not, oil and gas stocks can be some of the most
>exciting stocks to buy. It is not uncommon to find a company hit a major
>deposit of oil or gas and a stock to appreciate 1000% in a matter of days.
> One important factor that separates ARXA from the majority of other oil and
>gas companies is the fact that ARXA is already deriving revenue from existing
>wells that the company has "hit". ARXA has a phenomenal success rate at
>picking a well to drill and hitting oil or gas in that well. Over the past 8
>months, ARXA has hit oil or gas in commercial quantities over 70% of the
>time. ARXA is now at the point where the Company is producing enough revenue
>to cover all its expenses (including general and administrative). The
>current wells that ARXA has hit on should produce oil and/or gas for an
>additional 5 to 7 years from today.
>
>The big question is: If ARXA is hitting wells with a 70% success rate, why
>has the stock gone from $6.50 per share to $2.00 per share. The answer is
>simple. There are virtually no investors that know about this Company.
> Although the company has hit 11 of the past 14 wells they have drilled, the
>Company has not issued any press releases to that effect. If you dig deep
>into the Annual Report (ending January 31, 1997) you will find all this
>information. The Annual Report for ARXA was just released 2 days ago. (The
>Annual Report will be circulated to the public shortly.) New management took
>over ARXA in 1996 but did not become active until late 1996. We have spent
>many hours in conference calls with the Company and we assure you that you
>will see consistent news releases on ARXA starting late this week. ARXA
>plans to release news publicly every 5 to 10 days for the next 120 days.
> These news releases will contain the results of the new wells that ARXA is
>drilling. The new management team of ARXA remains firmly committed to
>increasing the public awareness of the company's stock.
>
>One of the key reasons ARXA has hit over 70% of the wells that they have
>drilled has to do with picking good properties and drilling in the right
>places. There are two key factors that have led to ARXA's high success rate.
> The first is technology. By acquiring accurate 3-D seismic survey's and
>interpreting the electric logs properly, one can accurately predict the
>presence of oil and gas. The other key factor can be found in the Company's
>new President and CEO, Bill Bippus. Before taking over ARXA in the later
>half of 1996, Mr. Bippus was employed by Marathon Petroleum Corporation
>(NYSE: MRO $29.25 per share) from 1988 to 1995. Marathon Petroleum is one of
>the largest oil and gas companies in the world. Mr. Bippus was employed as a
>senior geophysicist and his responsibilities were in the World Wide Business
>Development unit evaluating acquisitions and entry opportunities in new
>locations. Prior to 1988, Mr. Bippus was employed by Occidental Petroleum
>Corporation (NYSE: OCY $23.00 per share). At Occidental Petroleum, Mr.
>Bippus was employed as a senior geophysicist also. In addition, Mr. Bippus
>is an active member of the American Association of Petroleum Geologists and
>the Society of Exploration Geophysicists. Mr. Bippus is responsible for
>acquiring all the properties in ARXA's portfolio and targeting the successful
>wells. As you can see, Bill Bippus is extremely qualified to run ARXA and
>plans on developing ARXA into a major force in the oil and gas industry.
>
>Currently ARXA owns and holds interests in Texas, Louisiana, Utah, Michigan,
>North Dakota and North Africa. Of all these interests, the most significant
>are in Texas and Utah. For now we are going to concentrate on the wells that
>are being drilled in Texas as they are the most exciting. Please note that
>ARXA is undergoing a major project in Utah on a well that has already hit a
>significant amount of oil/gas. Further development of this well is planned
>soon and we will be bringing you exciting information about this property in
>the next few weeks. Now lets get into the properties in Texas.
>
>ARXA owns an interest in two significant property locations in Texas: West
>Sandy Creek and West Lavaca River. ARXA has been drilling in these two
>locations over the past 6 months and the results have proven extremely
>positive. It is important to understand that there are two types of wells.
> The first is called a shallow well. A shallow well is usually a well that
>is drilled to a depth of 1500 to 5600 feet. It takes approximately 10 to 12
>days to set up and drill a shallow well. If you hit on these wells they will
>produce large to medium, but consistent amounts of oil/gas. The other type
>of well is called a Wilcox well. Wilcox refers to wells that are drilled
>10,000 to 15,000 feet in depth. Wilcox wells take approximately 40 to 60
>days to setup and drill. The major discoveries of oil/gas are found in
>Wilcox wells. Wilcox wells are expensive to drill but can pay off in a big
>way. To date ARXA has drilled shallow wells and currently has 22 shallow
>wells producing oil/gas. This is where things start to get interesting.
>
>Approximately 45 days ago, ARXA drilled its first Wilcox well in West Sandy
>Creek, Texas. This well was drilled to a depth of 13,000 feet and is called
>the Smothers #1 well. The conventional well logs, the logs used to determine
>if there is oil and gas, were extremely positive and indicated multiple pay
>zones. (This means that there were several, if not more, areas that would
>produce commercial oil/gas.) ARXA is in the process of determining how much
>oil/gas they have hit and how many pay zones will be producing. Quantity
>testing is set to begin in late May and we should have the results of the
>Smothers #1 well very shortly. We feel very confident that shareholders will
>be very happy with those results.
>
>In addition to the Smothers #1 well, ARXA is in the process of drilling two
>more wells on their Texas property. The drill rigs have been set up and
>drilling is set to begin this week. We should have the results of those
>wells in the next 6 to 8 days. ARXA has set a definitive drilling schedule
>for the West Sandy Creek and West Lavaca River area for the next 24 months.
> Over that time period, ARXA is set to drill 15 wells at West Sandy Creek and
>30 wells at West Lavaca River. Over the next 6 months, ARXA is set to drill
>15 shallow wells and three additional Wilcox wells on the Texas properties
>alone. As noted, drilling on two new wells is currently underway. One of
>the key reasons we are showing you this stock today is the fact that ARXA is
>completing the data on the Smothers #1 well but is also scheduled to begin
>drilling a NEW Wilcox well around early June. The results that we expect on
>the Smothers #1 well as well as the new Wilcox well could allow the stock to
>appreciate significantly.
>
>We believe that ARXA's stock has bottomed out at the $2.00 price level,
>especially considering that the Company is producing enough revenue to cover
>all costs and expenses. The wells being drilled on ARXA's Texas properties
>could produce significant revenue for ARXA. Remember that ARXA already has
>22 producing wells. We will be bringing you information about ARXA's other
>property interests, especially the Utah interest over the next few weeks.
> You may see something of significance in Utah shortly. On the merit of the
>Texas and Utah properties alone, we feel that ARXA could be a $8.50 to $9.00
>stock. The stock is extremely undervalued at its current levels and it is
>for this reason The StockPlayer is issuing a BUY RECOMMENDATION on ARXA.
> Again our target price is $8.50 to $9.00 per share over the next 3 to 12
>months. We are eagerly awaiting the results of the Smothers #1 well and the
>press releases that are due out from ARXA starting this week. We feel that
>those two pieces of information will allow the stock to reach the $3.50 to
>$4.00 level.
>
>ARXA International Energy, Inc. trades on the NASDAQ BB under the ticker
>symbol ARXA. ARXA last traded at $2.06 per share. For further information,
>you can contact the company at 713-652-2792.
>
>##################################################
>The StockPlayer is not offering securities for sale or a solicitation of any
>offer to buy securities. An offer to buy securities can be made only with
>the accompanying disclosure documents and only in the states approved. The
>StockPlayer in an independent publication committed to providing timely and
>factual analysis of selected companies. Companies are chosen on the basis of
>financial strength and potential in order to provide the investor with
>significant upside potential while minimizing, where ever possible, the
>downside risk. The StockPlayer may have a position in the securities
>profiled on this site. The StockPlayer may receive compensation for the
>dissemination of information on the companies profiled. As with any
>investment, you should consult a registered investment advisor.
$$$$$$$$$$$$$$$$$$$
=== Then we write Stockplayer to open a dialogue to find out the motivation:
Return-Path: <nymg@pipeline.com>
Date: Sat, 24 May 1997 22:17:48 -0400 (EDT)
X-Sender: nymg@pop.pipeline.com
To: info@stockplayer.com
From: StreetLevel <nymg@pipeline.com>
Subject: pet: QUESTIONS!
Hi, we've probably asked you this before and you probably responded. Sorry!
Your latest June pick looks like something we might want to play along with
as a 'pick'.
I'm copying our Pick Evaluation Team so we can get some feedback on that.
Meanwhile, can you tell us who you are, and how you're compensated for our
records? Do you receive money or stock from the companies you feature?
Are you a brokerage or IR firm or strictly a publisher? Please respond
ASAP as there may be others on the PET who have follow-up questions about
this or about the company.
We just need to make full disclosures along these lines if we make this a
Waaco pick.
Thanks!
=== Stockplayer doesn't respond ... maybe not picking up their e-mail this
weekend, but the idea of selecting it as a 'hotpick' is still open, and we
begin to get some feedback. We heard from a couple of the PET that the
'story' indicators seemed positive. The write-up was very promising.
Next we heard from Art who ran it through Deep Green to see what it might
actually do price-wise:
$$$$$$$$$$$
Return-Path: <ABASENJI@aol.com>
From: ABASENJI@aol.com
Date: Sat, 24 May 1997 23:45:07 -0400 (EDT)
To: nymg@pipeline.com (streetlevel), rmdavis1@ix.netcom.com (bobdavis),
gvlh24a@prodigy.com, jdr7@juno.com
cc: ABASENJI@aol.com
Subject: Re:16 / STOCKPLAYER: TA on ARXA
=========>>>>
Hi guys, this one caught my eye today and I thought I'd do some TA on it. I
personally like the oil and gas sector these days and believe it will be
strong for the next several years. I'd like to find out what this company
actually earns and if they have any debt.
Looking over the past trading history, it appears ARXA is pretty tightly
wrapped or thinly traded. The average daily volume traded is very low. If
we did a hot pick on ARXA, I'm pretty confident idgits would gap it up. May
happen anyway on tuesday with the post from Stockplayer being released this
weekend. BTW, does StreetLevel have any kind of a formal relationship with
Stockplayer? Can we believe in their material?
The last few signals have been as follows: a buy on 04/11/97 ($1.937), a
sell on 04/24/97 ($2.125 -- 9% gain), another sell on 05/15/97 ($2.00 --
about a 5% drop from previous sell signal). It is interesting to note that
ARXA then dropped down to close at $1.75 on 05/22 then jumped up on the open
friday 05/23 to $2.00 and closed at $2.062 on 3,000 shares traded. It went
from being "oversold" to almost being "overbought" on friday on 3,000 shares
traded! The 10-day moving average is just below the 40-day moving average
and it won't take much of a rise for the 10-day to cross above the 40-day.
Long-term support is at $1.50, short-term resistance is in a range of
$2.25-$2.35 while long-term resistance is at $6.75. Signals have been
correct 73% of the time.
=== Obviously, Art feels the stock has potential for price appreciation and
'cowboy' traders in the Forum are welcome to take a chance. But, even with
Deep Green in his corner, Art is still asking questions about fundamentals
and whether we know Stockplayer. So far, a couple of 'yes' votes, a
'maybe' from Art and Deep Green, and then the stake in the coffin comes from
Bob Davis, who is Waaco's resident Fundamentalist Extraordinare:
$$$$$$$$$$$$$$$$$$
At 02:14 PM 5/26/97 -0400, you wrote:
>=== Bob, I know you don't have time for a full diligence or fundamental
>analysis, but wondered if anything about ARXA caught your idea that would
>constitute a red flag against designating it as a 'hotpick?'
>
****
Return-Path: <rmdavis1@ix.netcom.com>
X-Sender: rmdavis1@popd.ix.netcom.com (Unverified)
Date: Mon, 26 May 1997 21:48:47 -0400
To: StreetLevel <nymg@pipeline.com> (by way of StreetLevel <nymg@pipeline.com>)
From: Bob Davis <rmdavis1@ix.netcom.com>
Subject: Re: bob?
Wacky,
Although I don't have any experience with small oil exploration companies,
and am somewhat suspicious of them, I've taken a fast pass by ARXA
International Energy:
The 10-K Report for the year ended January 31, 1997, which was released just
a week or two ago and thus should be fairly current, paints a fairly bleak
picture. The company appears to have been dorment for a number of years,
and was at some point filing under the name "Major League Enterprises, Inc".
Revenues for fiscal 1997 total $31 thousand, with a net loss of $1.1
million. The balance sheet shows that ARXA is extremely illiquid ($2
thousand in cash and $15 thousand in AR - negative working capital, etc),
and the bulk of its assets are in the "Unproved Oil and Gas Properties"
classification.
Regarding proven reserves, the 10K states "The Company's present value of
estimated future net cash flows before income taxes from its total proved
reserves (the "pre-tax SEC 10 value") was $1,194,713 at January 31, 1997."
Of course, unproven reserves are difficult to value, but the description of
several different exploration projects in the 10-K reads as follows:
"Two unsuccessful wells were drilled on the acreage during May 1996 after
which management elected to farm out the acreage to minimize additional
financial risk."
"...subject to the approval of ETAP, the Tunisian national oil Company.
Unfortunately ETAP rejected the participation of ARXA in favor of the
participation of a major oil company."
"The Company was forced to abandon its attempts to acquire an interest in
the properties when it was unable to secure the necessary financing for the
projects."
These quotes are taken from descriptions of different exploration projects -
they are not all the same one. These quotes give new meaning to the
ever-present caveat that "There is no guarantee the investment group will be
able to secure financing for future projects".
There is one item from the 10-K which I found interesting. In a segment
entitled LEASEHOLD DEFECTS, the "K" states that "The Company attempts to
obtain its interests in producing properties with a general warranty of
title. In many instances, title opinions may not be obtained if in
management's discretion it would be uneconomical or impractical to do so.
This increases the possible risk of loss and could result in total loss of
properties purchased. Furthermore, in certain instances management may
determine to purchase properties even though certain technical title defects
exist, if it believes it to be in the best interests of the Company." This
may be standard in the industry, but it definitely is not the way that I buy
a house.....
I then took a look at the stuff sent to you by "The StockPlayer
Newsletter--Stock Pick of 1997" - It took me a while to be assured that they
were talking about the same company.
I was especially interested in the statement made that:
>Although the company has hit 11 of the past 14 wells they have drilled, the
>Company has not issued any press releases to that effect. If you dig deep
>into the Annual Report (ending January 31, 1997) you will find all this
>information. The Annual Report for ARXA was just released 2 days ago. (The
>Annual Report will be circulated to the public shortly.)
So, I went back into the 10-K and looked at "NOTE 13 - SUBSEQUENT EVENTS",
which contained no mention of any "70% hit rate", but did contain the
statement that
"On April 21, 1997 the Company entered into a six month agreement with an
investment banking group to assist the Company in the sale of 1,000,000
shares of common stock for $700,000." This, and a while bunch of warrants,
and stock issued for "services" seemingly gives a reason for this push to
reverse the stock's downward price trend.
Then I went off in search of the 14 wells drilled and 11 which were
successful, and "lo and behold" there they were....sort of.
At West Sandy Creek, 5 wells were drilled, all of which were "successful" in
that they found petroleum there, but the resulting reserves are valued at
only $120,337. I'm not sure what these oil wells cost to drill, but my guess
is that this venture is not profitable at this point.
At West Lavaca River, 5 wells were drilled, of which 2 have generated
reserves valued at $14,508, and engineering studies were still in progress
for the other 3 as of May 14th.
Results from the Smothers #1 well (1 well) are not yet known because testing
was interrupted by flooding in April.
The Hanson #3 well (1 well) was unsuccessful.
At Walnut Point, 2 wells were drilled, and both were unsuccessful; the costs
of drilling these two wells was $590,000.
In summary, of the 14 wells drilled, 3 are reported as unsuccessful, and
testing is not yet complete on 4 more, leaving 7 "successful" wells which in
total generated reserves worth about $135,000. It is not clear what it cost
to drill these wells, but if it is approaching the $290,000 per well that
Walnut Point cost, then a little bit more of this "success" would be fatal
to the venture.
But once again, I don't know much about oil.....
By the way, the newsgroup touting has already started, as evidenced by the
following:
Subject: OBB: ARXA
From: Tom Edwards <primestock@usa.net>
Date: 1997/05/25
Message-Id: <3388E2F6.576D@usa.net>
Newsgroups: alt.invest.penny-stocks,misc.invest.stocks
[More Headers]
A R X A INTL ENERGY INC COM (OBB: ARXA)
Up $0.31 (+17.86%) on friday, this company looks like a winner.
52-week Range: 1 1/2 - 6 1/2
Bid: 1 13/16
Ask: 2 1/16
This same "primestock@usa.net" also authored the following piece about a
month ago:
Subject: PUBLIC COMPANY PROMOTIONAL SERVICES
From: Edward Dickson <primestock@usa.net>
Date: 1997/04/23
Message-Id: <335E8D94.14E2@usa.net>
Newsgroups:
misc.invest.technical,alt.invest.penny-stocks,uk.finance,bermuda.business.fi
nancial
[More Headers]
Grow your company online with the help of the vast promotional tools
available on the Internet. Get immediate results now. Traditional stock
promoters are obsolete. For further details, contact:
Edward Dickson
High Tech Investor Relations
E-Mail: primestock@usa.net
One last point - Friday's price increase resulted from a trade at 3:59PM for
1,000 shares at the ask.....
Hey...ARXA may be my next target for a little "bayonette work" - I want to
see how much excitement develops before I jump on it. Needless to say, I
wouldn't touch this with an eleven foot pole. ARXA may be a good company,
but I don't see anything that would justify this level of enthusiasm.....
Bob Davis
=== So there you have it ... we're always looking for volunteers to serve on
the WSE and on the PET ...
and we owe a debt of gratitude to Art for harping away at the fundamentals
while coming up with potential positive signals on Deep Green, and to Bob
for finding stuff in the blink of an eye that it would take the rest of us a
month to research.
Waaco is wild and woolly, yes, because you have to do in this arena ...but
we try to tie the rope around a steady rock before taking the plunge. <g>
We thought this was also an excellent case study in how you can have factors
at play that have nothing to do with the company's business that can impact
your 'investment' or even trading. This will be interesting to watch,
because it could just take off like a shot; on the other hand it could be a
'pump and dump' that plays out right before your eyes.
We mentioned 'cowboys'. There will be those who play this because 1) they
recognize that it is a 'promotional' vehicle, not a fundamental vehicle, and
2) they have the time, the tools (Level 2's) and the talent to outsmart the
pros on this one ... watching carefully for how far they'll let it go up
before dropping a big sell order ... slipping in their own sell order before
the mms can drop the price ... watch it slide down and then possibly repeat
on the way up, trading to profits in the trading zone that may be created by
the volume that may come to this one.
That's the highest risk situation you can imagine, so if you're not a 'pro'
at this, don't try this at home.
However, because the stock is 'in play' because of the promotional aspects,
we are definitely not going to issue a 'hotpick' in the absence of
fundamentals, but we will designate it as an 'Alert'. Keep in mind that a
stock 'in play' may have a downward spiral as easily as a volatile
appreciation. Let's make this a Waaco object lesson ... so everybody put
down on paper what you're going to do, and when you do it, and play it with
paper only (NOT REAL MONEY) ... use TIM, and see how you wuddashuddacudda
come out by week's end <g>. Everybody's got 5,000 shares at the present
price. Tell us at the end of the week when you 'bought and sold' using
your IMAGINARY account, and let's assume for the sake of argument, that the
imaginary money you have in reserve is equal to your present imaginary
investment ... so you can aggressively buy and sell in your IMAGINARY
account. Let's see what TIM can do for you in this very iffy situation!
IMPORTANT! READ THIS THOROUGHLY AND ALSO THE 'GUIDE TO WAACO' POSTED ON
OUR WEBSITE BEFORE BUYING OR SELLING ANY STOCK MENTIONED!
FIRST AND FOREMOST: UNDERSTAND THAT WAACO IS NOT AN 'INVESTORS' FORUM. IT
IS A 'TRADERS' FORUM ONLY.
ALL WHO READ THIS POST ARE DEEMED TO UNDERSTAND AND FOLLOW THE STRICT RULES
OF 'TIM' DESCRIBED IN DETAIL IN THE 'GUIDE', AND WHILE YOU MAY LOSE ALL OF
YOUR TRADING CAPITAL THAT WILL BE FULLY INCONSEQUENTIAL. THANK YOU.
================================================
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