Basic Petroleum BPILF Guatamalan Pipeline Message Board

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Gold/Mining/Energy : Basic Petroleum BPILF Guatamalan Pipeline

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To: Tommaso who wrote (13)	6/1/1997 9:20:00 PM
From: Theodore P.Schumm	of 30

BPILF has come a long way in the last ten+ years....I attended their annual meeting several times when it was held in NYC and the founder (John Parks) was still alive....I remember my first meeting with him and Ms. Bonner (Corp. Sect'y) when there were only two stockholders at the meeting....they had a lot of potential in the early years, but they were seeking the "big strike" drilling the deep wells in hope of "hitting it big"....it never really happened.....and they squandered substantial "pay zones" in their initial deep drilling......only after the Frenchman (Sir James Goldsmith) invested a substantial amount of money to keep the operation from going bankrupt, did they go after the more shallower "pay zones" to provide revenue....during this period they gave the stockholders options to buy additional shares at minimal cost to provide working capital....they also had several reverse splits...anyway, they've come a long way for those that have had the "faith and guts" to stick with them....however, I do think the best for Basic was in the future, and I'm sorry to see that they sold out for forty dollars per share....I really think that if the individuals with the majority of the stock were younger and a little more aggressive, this could have reallly escallated the value of the company during the next couple of years...I believe the company buying them out will benefit substantially with their purchase....I would have held onto my Basic shares as the best was still to come.....I really think it was worth more, but if your selling, you don't necessarily get top value....good luck to those who had the faith in this company, and hopefully made money with their purchase....During the past several years I spoke to their representatives many times, and they always tried to be honest with me when I asked them questions.....I thought Ms.Bonner and John Parks were "class people"...one of their few negatives was the lack of official news......don't have to worry about that now.....Ted

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