HAZ,
You raise some excellent questions. some of which I don't know the answer
of. So I called David and asked him to respond and he said he would
try to this weekend.
Believe me, I'd much rather talk about fundamentals rather than hype.
But I have found that hype and greed drives the prices of the Canadian
junior resource stocks far more than fundamentals. Also, you should
know that these kinds of stocks are not for folks who demand 100% certainty
before they buy a stock. If you are like this you should stick with
the Montreal and Toronto exchanges. BTW, what part of Canada are you
from?
Parkcrest is a development stage company and so far has not produced a
drop of oil, or at least not as announced publicly. They hit a monster
well 3 months ago and then not a peep about what is going on with the
well. So far this Alcavaran Contract is the whole company. They will
absolutely need more financing to see this through, probably within the
next 6 months.
The amazing thing is that even with all these negatives this stock is
still an amazing buy right now. It all has to do with hype and greed,
things you are not interested in so I won't bore you. If anyone else
is interested in this angle, post here and I'll address it.
For more info. on Parkcrest, here is a copy of their main page on the
web:
INVESTOR RELATIONS
CALL TOLL FREE: 1-800-661-3788
ALBERTA STOCK EXCHANGE
SYMBOL = "PKC"
Parkcrest future plans:
Parkcrest continues to evaluate prospects in the international oil and gas arena.
Our first priority is to acquire wider exposure to top quality plays.
Our criteria is simple, deal with operators who have demonstrated the ability to manage
large acreage positions in areas of great potential.
An effort will be made to take an interest in a series of high potential wells to maximize
exposure and minimize disaster. Longer term Parkcrest will endeavor to generate it's
own prospects internationally and is currently negotiating with two government oil
agencies oil toward this end.
Project Operator:
Harken Energy of Dallas, Texas has been in Colombia for seven years and operates with
a full staff from it's offices in Bogata, Colombia. Harken has announced a $60 million
dollar exploration program for the coming 2 years to explore on it's one million acres of
Association Contracts.
Palo Blanco Reserves and Development Plans
Two additional well locations have already been identified and Harken will shortly file
for drilling permits with the Environmental Ministry.
Additionally, Harken will soon be applying to Ecopetrol, the Colombian State Oil
Company, for extended production test and sales period. The Estero #1 well is located
in close proximity to existing pipeline and road infrastructure which should accelerate
start-up of production.
Alcaravan Association Contract
Parkcrest has certain options to participate and earn 25% in other areas which are all
portions of and are included within the 210,000 acre Alcaravan Association Contract.
Harken Energy has already identified through seismic analysis three additional features
on the Alcaravan Block similar to the Palo Blanco prospect. The operator is optimistic
about the potential of these other features in light of the success at the Estero #1.
Upside potential for Parkcrest
The size and value of reserves from the Ubaque formation at the Estero #1 well will be
determined in the near future. The potential for growth for Parkcrest exists from the
following areas.
Reserves behind pipe in the Mirador and Guadalupe formations
at Palo Blanco.
Quick pay backs from development wells at Palo Blanco.
Potential discoveries through out the Alcaravan Block.
Further participation with quality operators in dynamic
exploration areas.
Endeavor to generate it's own prospects internationally.
Finances
With the completion of a special warrant financing Parkcrest will have $2.5 million in
cash plus a potential $2.5 million through the exercise of outstanding warrants.
Parkcrest has earned it's interest in the Palo Blanco prospect area to date and will be
fully able to meet it's cash commitments in Colombia.>
Why Colombia?
Potentially the Most Important Remaining Reserves in the Western Hemisphere
In recent years, Colombia has emerged as one of the most attractive and prolific
countries in the international exploration arena. This is largely due to Colombia's
favorable economic and industrial environment, not to mention a string of world class
oil and gas discoveries. Colombian exploration is very lucrative, as the country's total
production is expected to rise above 900,000 B/D by the end of the century. The
dominant players in Colombia are major companies like Texaco, Occidental and B.P.
Success for junior companies has produced some dramatic results.
Triton Energy - Common stock increased from $6.00 to over $47.00 with the
announcement of the Cusiana discovery9early 1991) in the Llanos Basin.
Hondo Oil and Gas - common stock increased from $6.00 to almost $16.00 with the
announcement of the Opon discovery (mid 1994) in the Middle Magdelena Basin.
Seven Seas - Common stock increased from $1.50 to $20.00 with preliminary news of a
discovery (Emerald Mountain) in the Middle Magdelena Basin.
This type of success is not lost on the investment community.
Management
CEO- Director Robert R. Lipsett
Director - William Richards
Technical Consultant - Barry Hassen
Corporate Development- Al Charuk |
