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Microcap & Penny Stocks : IMMM ( I'm Mad Monk)
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To: alchemy who wrote (1129)6/24/1997 3:17:00 AM
From: Michael T Currie   of 1480
 
Marty,

Funny you should ask. I started out in the industry with Pennzoil. Obviously, it is a very different company from the one that I left in 1987, but I have kept up fairly well with the goings on over there.
My opinion: they lack focus. They had for many years a large acreage position in the Gulf of Mexico with steady but declining production. They acquired many of Chevron's assets in the Gulf a while back. So here we are talking about a very large number of fields with comparatively small remaining reserves. These might be sold off to low overhead companies that can squeeze the last drops out profitably. I do not know what their exploration position looks like at present. The big move has been into the international arena, most notably the Caspian Sea, where they are involved in several of the giant future developments. I would suspect that this might be one of the major attractions for UPR. They must feel that a ready-made partnership with this sort of potential is worth a premium price (PZL's stock price has been stuck down in the 40's and 50's for quite some time). Overall, interesting but not a surprise. Medium to large independents with fundamentally sound, long term assets are going to be vulnerable if the oil price holds above $18-20 per barrel.

Regards,

Mike
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