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Gold/Mining/Energy : Parkcrest Explorations Ltd. - Discovery 4,116 BPD
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To: HAZ who wrote (7)7/29/1997 10:46:00 PM
From: Ed Ajootian   of 94
 
HAZ,

I know that what I'm about to tell you is "the last thing you need"
as you have stated in your post, but BUY PKC NOW BUDDY!

They are just days away from announcing the financing and also a revised
report from Yorkton is about to come out, which will dramatically
increase the probable and possible reserves in the Alcavaran.

David has heard that the securities regulators snoop around here trying
to catch IR's giving out inside info. so he hasn't gotten back on here.
If you can take the time though you really ought to call David if you haven't already.
PKC right now is a pure play on drilling with Harken in the Llanos Basin
of Columbia. They are also looking at other prospects and have tried a
couple of other things but right now the Alcavaran Contract is all you
get.

Yorkton is about to come out with a report that is going to rival
Oppenheimer's estimate of the total reserves in the Alcavaran. Lets
use Oppenheiemer's high figure of 150 mmbo. (I am told that Yorkton is going
to demonstrate that this is conservatively low). This means 15 mmbo
net to PKC assuming Ecopetrol back-in. Value the oil in the ground at
$4 US a bbl. and you get a potential value of C$5 a share for PKC.
I don't know anything about the principals of the company.

This financing they will be announcing shortly will provide them just
enough money to drill the Estero #2 and pay for their costs of the
pipeline. I believe they will need more funds to go in on the next
exploratory well there. Those funds will come from the exercise of
warrants & options, some of which expire in January I believe.
PKC has the option to continue to participate for a 25% interest in all
remaining wells that Harken drills in the Alcavaran, by paying a third
of the drilling costs. My understanding is that they fully intend to
participate in all future drilling there. They would be idiots not too,
after what they hit there with the Estero #1.

As the other day's trading action demonstrated (a 200,000 share block went off),
the institutions are pretty keen on this one and with only 2 - 3 mill.
shares in the public float it is not gonna take much to power this thing
to a new high. With 2+ months to go before the next drill, this is a
classic Canadian hype play in the early stages. What makes this particularly
special though is that it is also a great fundamental buy at these kinds of
prices.
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