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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco)
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To: The Beav who wrote (4)8/9/1997 9:37:00 PM
From: Bill Shugarue   of 270
 
Beav, You mentioned that you have been a PSO shareholder
for about one year. This means that you experienced the
drilling of the last "dry well".

This is my opinion of PSO. When they make an announcement
about drilling starting, the price always runs up. This has
happened many times in the past. At this stage the "smart
investors" are selling into this runup. Canaccord did alot
of selling the past few days. I expect to see the stock
drop back in the next few weeks. When the results of drilling
are expected, the "rumors" will start to spread and you will
see the stock price start to rise again. This has happened
many times in the past. If the results are good, based on
the past, the stock will have another runup before dropping
back.

I feel that PSO will be a winner in 97. The worst thing is the
political situation in Nigeria. They are going to drill three
wells in the next few months. If those wells are successful,
the stock could reach a new all time high. The most important
fact is that they expect to start production on the wells
already drilled before the end of 1997. If you don't have
a copy of the 1996 Annual Report, you should ask for one.
It contains some very important information about the company.

Bill
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