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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Scott Mc who wrote (8792)	4/2/2002 6:04:52 AM
From: Kerm Yerman	Read Replies (1) of 24921

Kerm / My Watch List I don't own either of these, but they would be on my list for ownership. Olympia Energy - I believe the company's Smoky/Boltan play will materialize to yield significant reserves. However, they have quite an inventory of exploration opportunities beyond this play. These guys are proving to be deal makers and have in house capability to progress quite well. Speculation has only added a couple of dollars to the share price and everyone should learn the significance of their discovery in 1 to 3 weeks. One can learn more of the company by visiting their web-site. Upton Resources I imagine investors find this company quite boring because share performance has been rather flat. Myself, I have bought and sold shares in this company a couple of times. They have been operating for some time in the Williston Basin which is in SE Saskatchewan and now expanded into North Dakota. There's no homerun type hitting here, just good old exploration at a high successful rate. However, over the past two years they have assembled a land position in Northwestern Alberta and have begun exploration and development there. Production has now gone from practically 100% of light oil to 85% light oil and 15% NG. After unsuccessfully trying elsewhere - I think they have seen the light with this new core area. I would anticipate more buying in coming Alberta land sales and quite possibly, a couple of small acquisitions. That's on top of the acquisition that they just made. Financially, they appear to be a well managed company. Shares are selling for less than net asset value and less than 3X 2002 cash flow. Debt to cash flow ratio is about 1.4. Shares outstanding can be considered small for a company of this size. A 12 month share forecast of $5.50 does not seem to be unreasonable. They also have a web-sight one can visit for more detail.

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