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

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To: rolatzi who wrote (36775)	12/1/2004 8:12:37 PM
From: Ed Ajootian	Read Replies (1) of 206161

rolatzi, FX Energy (FXEN) -- I've ended up trimming down the position pretty significantly, selling into the hype of the drilling. I still like the story a lot but now that the company is approaching a $400 M market cap fully diluted I believe things are getting just a little out of hand. In fact, folks that are so inclined may consider this a good short at this time. In the well that is about to hit TD, the company has stated that it believes its chances of hitting the "base case" pre-drill reserve estimate of 40 BCF of gas is 1 out of 3. This means if you short you have a 2:1 shot at making some money. At least the next few months should be pretty interesting on this one, one way or the other. They have one well that's just a week or 2 away from hitting TD and another one that's only a month or so behind the first. Then the real drama will begin, i.e. seeing whether the POGC has approved drilling more wells. All wells after these 2 being drilled are gonna be heads up, so the question of the day is whether the Poles will ante up their share.

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