MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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To: Gutman who wrote (9)	6/30/1997 11:08:00 PM
From: Jeff Lawlor	of 188

I haven't seen much action on this thread. Anybody following this one? Been a follower of this stock for approximately 6 months. Research Report posted in Barron's article from June 30: barrons.com States CFPS expected to reach $0.79 in fiscal '97 vs. $0.26 in fiscal '96. CFPS projected to be $1.76 in fiscal '98. Oppenheimer and ABN/AMRO have similar projections. Based on peer group multiple of 5X fiscal '98 cash flow, this stock should be valued at $8.5-9 over the next 12 months. Any other opinions? 1Q didn't meet expectations ($0.00 EPS actual vs. $0.04 projected). Hoping 2Q is much better. MHR is beefing up their exploration and development drilling with increase in capital budget from $15MM to $20MM for fiscal '97. Extra $5MM needed in connection with Permian Basin properties. Original capital budget included drilling associated with 6 waterflood projects in West Texas and drilling of at least 40 wells in the Panoma properties. All point to a better 2nd half of year. MHR broke through resistance level of 6 last week on high volume. Wonder if debenture offering is beginning to get big boys interested or is it just anticipation of earnings next month. Anybody have any thoughts?

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