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Gold/Mining/Energy : American International Petroleum Corp
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To: Taylor Mill who wrote (550)7/22/1997 10:55:00 AM
From: faris bouhafa   of 11888
 
If you go back to a previous post you will find out that I did not pull the 2.72 multiple out of thin air. I was using the model of Triton Energy.
What I find most interesting about your responses to me is their selectivity. Why no comment about the valuation placed on Triton when they too only had "potential" reserves in 1987 and well before they ever drilled a hole? I imagine that you would have referred to their claims at the time as "hype" as well. I'd appreciate an educated guess on your part as to why the market valued Triton at $320 million at a time when the later was basicly in the same position AIPN is in today. "Potential reserves" must have meant something back then? Why not now?
If I understand you correctly you would have liked to have seen the company state in their release that the word "potential" means that there is a possibility that no oil exists in the Licensed Area. Get real, Kenny! That's like a biotech firm announcing the discovery of a vaccine that may be able to prevent the flu "but in all probability won't". Are you kidding?..Furthermore, you should understand that press releases by corporations are not primarily targetted to small investors or the general public. Have you ever read a serious release from a biotech firm regarding results of a clinical trial? Most of them are easily understood by the scientific community but incomprehensible to the average person. I honestly think that energy analysts on Wall Street know exactly what "potential" means and, frankly their opinion is more important than mine. It is unlikely that AOL or SI posters are responsible for all the voume we have seen in AIPN stock. Yes, there were momentum players last week but the stock is now holding above two dollars in what appears to be orderly trading. This suggests to me that there might very well be institutional accumulation underway. We'll see.

Cheers...Faris

PS Really would value your views on EHK's discussion of seismic testing and implications of results.
As far as I am concerned, Huddleston told AIPN that there are 1.1 billion barrels of "potential" reserves and AIPN repeated that evaluation verbatim in their press release. In my mind that is factual and not "hype".
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