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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (229)9/13/1996 1:17:00 AM
From: Richard Saunders   of 24935
 
Kerm/ Appreciate the detailed Richland followup....... I've established a position at $4.25 and assumed the NAV is around $5. My basic tho't is that at the current price there's no premium for anticipated growth which you've highlighted. Debt appears around $13 mil. which is less than 1 year's cash flow. The current price would also seem to translate into an approx. P/'96 est. CF ratio of 3 . Buying growing oil producers the size of Richland at P/CF of 3 is a bargain in my books. Thanks again for the effort you put into the TOP TWENTY LIST.
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