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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Big Dog who started this subject	6/7/2003 12:06:13 PM
From: KyrosL	Read Replies (1) of 206087

Seth Glickenhaus is recommending PGH in Barron's this week. Don't know if it's a plus or a minus. He sounded a little confused and somewhat outrageous in the interview (he is 89). Here is what he had to say about PGH: "Q: What's another stock pick? A: Another stock we are buying and have bought below the current price of 11, but also at this price, is Pengrowth Energy. It is a Canadian energy company that has 44% of its assets in natural gas and 56% in oil. It's a relatively small company, set up as a master limited partnership, that has a 18% yield, payable each month. We found it when it had a 21% yield. Q: What kind of risks does that reflect? A: The risk is it is currently paying 25 Canadian cents a month, which translates to 18 cents U.S. Multiply that by 12 and you get $2.16. The stock sells at 11.91. Cash flow is strong and the company is eliminating a management-fee structure that should also improve cash flow. However, we believe the price of natural gas will come down somewhat and so will the price of oil and eventually the yield will diminish to somewhere between 12% and 15%, which is quite handsome." online.wsj.com PS. I own PGH.

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