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Gold/Mining/Energy : GENTRY RESOURCES LTD. (GNY.B - TSE)

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To: Len Hynes who wrote (116)	8/24/1997 10:35:00 PM
From: dean poets	of 601

Hi a News Letter by the name of Investors First has a strong buy reccomendation as well! For more info on the news letter check out: "Investorsfirst.com" GENTRY RESOURCES LTD ( GNY.B ) On Toronto. Recommended on June 23 fax update at $1.14 per share. Interim high $1.15 per share. Current price $1.10 Rating ( STRONG BUY ) do not pay more than $1.15 per share. On July 15 the company announced current daily production is up to 710 BOED as of the end of June. So far this year production is up 60% from the start of the year. The company participated in 36 wells, of which 33 were oil, 1 gas, 1 capped and one dry well. In the second half of the year 25 wells are planned to be drilled. The company is on target to reach year end cash flow of 20 cents per share at a 1,000 BOED production rate. Current reserves stand at 2.19 million BOE or 12 years at current production rates. With the company having built a solid base on the domestic side it has recently acquired three properties with the potential to double current production by the completion of one successful exploration well on any of these properties. The company has a 10% interest in the Cooper Basin off Australia's coast. The company has completed two wells in this area. The first well was completed and capped as it encountered the oil bearing formation. Recovery rates were below expectations as the permeability of the rock was lower than expected. The second hole was dry. Ongoing seismic surveys have revealed seven new targets. Drilling on these will begin by year end. The second property is in Gabon, Africa. This property is on land and covers 320 sq. Km. Conoco and Occidental drilled this area in 1992 and found an oil formation with wells flowing at the rate of 350 barrels of oil per day. This was to small for the large companies so they walked. Gentry's interest is 35%. The operator of the property Energy Africa is conducting gravity and magnetic surveys and is using past 2D seismic to prepare for drilling. The current seismic work has found several excellent targets and drilling will start in a few months. Currently negotiations are under way for two other blocks of land. The third property is off the Ivory coast. This property covers 790 sq. Km. This area is between two producing oil fields where current daily production is 10,000 barrels per well. Ranger Oil and TC Petroleum are the majors with Gentry holding an 11% interest. Ranger Oil is completing the seismic and should be done by the end of August. Gentry has built up a solid base for future growth in Canada and has created the opportunity to grow rapidly with quality International oil plays. With the company selling at five times cash flow it is currently fairly valued on a cash flow basis. Based on it's current production increases and excellent exploration packages and the companies involved the company rates a strong buy for current growth rates and the good potential for a major discovery. The company has 14 million shares outstanding and 16.4 million fully diluted $500,000 cash, line of credit for $4.1million of which $2.1 has been used. For more info. ph 1-888- 876- 7197 or www.gentryresources.com

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