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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: JWest0926 who wrote (149790)2/7/2002 2:29:39 PM
From: sun-tzu  Read Replies (2) of 436258
 
EEE was the baby of a maverick miner named greg noval. he was great at drilling but had terrible people skills and basically insisted upon doing everything himself.

beacuse of his refusal to farm out and partner with other companies, noval amassed significant debt. he also had rather poor business instincts and locked a significant portion of his natural gas production at about $2. therefore, EEE could not participate in most of the y2k run in natural gas.

in march 2000, DUK bought a % stake in EEE and installed jack pritchett as the CEO. that event marked EEE's turnaround. pritchett was able to clean up the balance sheet and correct most, if not all, of noval's mistakes.

EEE's "holy grail" is their property rights to mine the scoatian shelf, one of the richest natural gas areas in the world. the area is difficult to mine, but that has always been one of the strengths of EEE.

i exited my position in january of 2001. i am still in the process of "catching up" with events. i too, like the chart. it was the breakout in march of 2000 that alerted me to the company in the first place. at that time, natural gas fundamentals were certainly much better than now.

hope that helps. if you find out anything please let me know.

thanks much and good luck to the both of us!
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