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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Arnie who wrote (3663)	9/10/1997 11:22:00 PM
From: Kerm Yerman	of 24939

Arnie - David / Canadian Occidental Petroleum O-K, I admit turning favorable towards CXY. In addition to the debt load, the other negative was declining production in Yemen. New discovery completely turns around the negatives. As this new production comes on board, cash flow ratio will be brought to a lower mutiple and fits within my acceptable debt range for this size company. Net Asset value via new established reserves will also be a big plus. However, I still think Talisman Energy is the premier senior oil. While we are talking about senior producers, let me mention an interesting note that I heard today from a small company CEO. Rigs in the Peace River Arch area are freeing up. Reason is due to cutback in original drilling plans of Renaissance Energy. Story is that they are forced to work within their cash flow and original agressive drilling plans had to be cut back, thus freeing up quite a few rigs.

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