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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: chowder who wrote (16110)12/21/2002 11:20:54 AM
From: Ed Ajootian  Read Replies (2) of 206330
 
CPE & ATPG, Just to update folks about CPE, they drilled a development well on one of their deepwater prospects and it came up dry, which resulted in them having to abandon the entire project. Depending on how you do the calcs that project represented from 15 - 20% of their proven reserves.

As much as a long-term Callon bull as I am, I must admit there appears to be no expected catalysts to near-term price appreciation. Maybe we will see some insider buying here, but they better hurry up before the year ends and they get blacked out (some companies start the blackout period even a few weeks before year end).

I believe a lot of folks are now spooked about the amount of remaining reserves that CPE has booked, and are waiting to see the '02 reserve report until buying this stock. Their concerns are understandable but unjustified IMO. So maybe the time to buy is closer to when they will be putting out their '02 reserve numbers.

For any of you short-term cowboys lookin' for action, I might suggest buying ATPG sometime over the next few weeks. A few days ago they announced that their North Sea gas well got down and was logged (they said the logs "confirmed the expected hydrocarbons") and test results should be out first week of January. I still believe the market will get a jolt when the test results come in and they see how fast the payout's gonna be on this $6-7 million investment by ATP.
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