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Gold/Mining/Energy : American International Petroleum Corp
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To: qdog who wrote (609)7/23/1997 12:20:00 PM
From: faris bouhafa   of 11888
 
I never pretended to be an expert in the oil industry. Just trying to figure out how to place a value on potential reserves. We could have avoided a lot of time and energy with all this back and forth if you, or your fellow experts, had simply informed us peons that it was standard practice in the industry which you know so well to value "potential" reserves at between .50 and $1.00 per barrel. Why didn't you share that simple fact with us, Qdog and friends? If you had, I would have placed a conservative price target on AIPN of $10/share myself.

Glad to hear you spoke to the analyst. Did I hear "aggressively pursuing a partner"? I like that a lot!! Did you say a well Q1? Hey, I like that too!! By then the asphalt plant should be up and running providing AIPN with cash flow!! Did you ask the analyst about the remaining 40% of the License Area? Like, when does he expect preliminary survey results?

Now, let's see, am I getting this right? The analyst more or less validates everything you've said...in other words you both generally agree. And yet, the analyst feels comfortable putting a one year price target of $10 on AIPN based solely on what he and you both know to be true at this point in time. Can I surmise that you, too, see a 12 month price target of $10/share? Logic would dictate that you do even though it's a bit higher than my amateur NAV estimate of $8.64/share.

Cheers...Faris
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