Canadian Oil & Gas Companies 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 : Canadian Oil & Gas Companies

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Kerm Yerman who wrote (211)	9/13/1996 8:11:00 AM
From: Kerm Yerman	of 24935

CANADIAN OILPATCH/MARKET ACTIVITY TOP TWENTY: Morrison Petroleums and Canadian 88 Energy Takeover speculation lifts Morgan Hydrcarbons (MHI-TSE). The stock rose to new 52 week high of $4.90 intraday on takeover rumors. Shares closed at $4.70 on volume of 7.7 million shares. Lately, the Canadian Oilpatch has been a hotbed of merger activity----both real and imagined. Morgan said yesterday that following unsolicited attention, it had formed an internal committee to review its alternatives. Company reported 2nd Qtr net income almost triple that of a year ago. Three month average daily trading is 210,000 shares. Earlier this week, shares of Ranger Oil Ltd rose on rumors it might be a target of Gulf Canada Resources Ltd, which indicated desire to buy a company with international interests. Yesterday, Poco Petroleums announced a $225 million takeover bid for Gardiner Oil & Gas Ltd. Analysts believe that NuGas Ltd could be another takeover candidate. With a market cap of $30 million, the shares sell well below Net Asset Value. Other companies frequently mentioned as vulnerable to takeovers include; Paragon Petroleum Corp, Blue Range Resources Corp, Encal Energy Ltd, Summit Resources Ltd and Ulster Petroleums Ltd. Morrison Petroleums Ltd and Morrison Middlefield Resources Ltd announced yesterday that they intend to each buy 50% of the oil and gas assets of ResmanOil & Gas Group. The friendly $87 million deal should close by the end of September. Transaction should increase cash flow amounting to $10 million each for both public companies. Morrison Petroleums owns about 20% of Morrison Midfield. Canadian 88 Energy announced plans to offer 8 million shares @ $5.20 each, as well as offering 1 million flow-thru shares priced at $5.50 each.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next