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

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To: excardog who wrote (41753)	4/13/2005 6:27:10 AM
From: Ed Ajootian	Read Replies (1) of 206203

excar, FPPC, WHIT -- IMO cash flow is not a major parameter on which these microcaps trade. If someone is looking to buy cash flow they will buy KCS or CHK, not Whittier Energy. The thing that compelled me to Fieldpoint is that they got carried on a potential company-maker well, for a 14% working interest. The ability to get carried, or at least farmout for a promoted interest, your wells to other parties represents an off-the-books intangible asset, and given that the operator has decided to complete this well the value of this asset has gone up for FPPC. I recognize that FPPC is trading at a higher premium than WHIT to its current fundamentals though, and if this well does not test commercial amounts of gas the stock will no doubt take a big hit.

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