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Gold/Mining/Energy : Kestrel Energy (KEST): California & Australia Plays
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To: Bob (Hijacked) who wrote (1)8/4/1997 9:14:00 PM
From: Ed Ajootian   of 37
 
Bob,

They are about to go for all the gusto and the market is reacting
accordingly. The three upcoming wells would have a per-share value of
about $4, $1, and $11 respectively. This is big-time exploratory drilling
man.

As bullish as I am on KEST, I can't recommend buying it at these prices,
at least not right now. There is a ton (2.5 mm shares to be exact) of
recently issued Reg. S stock out there and although those guys have
shown tremendous discipline so far, the odds are that they will cash
in their chips some time before the first well hits total depth and
drag the stock back under $3.

At those prices I would be all over this thing. They have plenty of cash
($5 mill. from the placement) so they can withstand some misses and still
live to play another day.
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