Gresham Resources GRC.V Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gresham Resources GRC.V

GRC 49.13

-0.5%

3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: reg patel who wrote (11)	9/7/1997 9:45:00 AM
From: Ed Ajootian	of 33

Gresham Resources, Inc. GRHRF-U.S. OTC Bulletin Board Gresham is a small Canadian oil and gas company that provides a large per share exposure to drilling in the Lodgepole formation in the Williston Basin of the U.S. on the basis of three dimensional seismic data. We estimate that existing leases which will be drilled over the next two years could add nearly U.S. $8 per share if successful. We estimate the current adjusted break-up value at U.S. $1.75 per share . Gresham is a Canadian company which has its administrative office in Vancouver and has completed all of its funding to date in Canada. All of its operations are in the U.S. and its technical and operating office is in Denver. The company has a core staff of employees and obtains most of its technical expertise from the use of experienced consultants. A number of these consultants are members of its advisory board. One of the first moves by the new company was to purchase 800 acres of leases near Dickinson, North Dakota in 1993. These leases proved to be on a structure similar to and near the prolific discovery in the Lodgepole formation that received national attention in early 1993. Gresham parlayed those leases into a 3% net interest in the Eland Field with only a very small investment. The most likely current value of this position is $4 million in our analysis. We anticipate the Eland Field will ultimately produce more than 30 million barrels of oil. Over time Gresham has expanded its interests in the Lodgepole play to the present position of 13,280 gross and 6,262 net acres. Gresham has other minor oil and gas interests in the U.S. but the Lodgepole play comprises the majority of its assets at present. South Heart/South Norwegian Area Gresham has entered into an agreement with Forest Oil Corporation that calls for Forest to 1) make a cash payment to Gresham 2) conduct at its sole cost a 48 square-mile 3-D seismic survey on the Gresham acreage in the South Norwegian and South Heart areas and the optioned acreage that has been acquired in the same general area 3) drill an exploratory well at its option and sole cost on the area covered by the seismic survey. We anticipate that this survey could be interpreted and a drilling location chosen early in 1997 with drilling anticipated by mid year. FY:DEC EPS CFPS Debt/(Debt+Equity): 0.0% 1995 $0.01 $0.01 Finding Cost-$/BOE: N/M 1996E ($0.11) ($0.11) Growth Rate-Adj Book: N/M 1997E $0.36 $0.40 No. Common Shrs-mm: 6.23 Break-up Values: Prev. YE $0.44 Adjusted $1.55 Possible $9.30 Recent Price Common: $0.68 Market Cap: $4.3 LTD: $0.0mm IR Contact: Robin Lockhart Phone: (800) 888-7132 **************************************** reg patel, Although this is 6 months old and does not reflect the latest farmout it is representative of the potential this company has. I haoe been a GRC owner for a few years and now that it has woke up I've decided to come out of the closet. Still selling for under 4 X cash flow and well below breakup value, with the potential to quadrople its stock price by the end of the year! It don't get much better than this folks.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next