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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Lorne Larson who wrote (8775)	3/31/2002 10:21:50 AM
From: Kerm Yerman	Read Replies (1) of 24922

Lorne / Accounting One of my historical concerns has been focused on a company's debt situation, specifically the Debt to Cash Flow multiple. I haven't seen any annual reports yet, largely due to me being away from this sector for a while. However, I will assume these ratios have climbed a wee bit with cash flows zooming lower because of lower oil and gas pricing. I've seen just a few research reports on juniors and in almost every case - analysts are targeting the forecasting of 2003 cash flows as a measuring stick - in anticipation of terrible 2002 numbers. Larger companies will weather the interim storm - but some juniors may find themselves in trouble. Regarding reserve evaluations. I have always believed that public companies should be regulated to some sort of standard format in their reporting, such as the rate in discounting reserves and the ratios used for barrels of equivalent - and so on. This helps the public/shareholders in evaluating a company's progress in comparison to their peers. Let's remove the mystery from the statistics via limiting flexibility in reporting. On another note - who attracts you among the juniors.

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