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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Chi-Chi who wrote (4257)12/3/1997 9:16:00 AM
From: HAZ  Read Replies (1) of 24929
 
Chi-Chi / Orbit Takeover

Although Orbit & Ranger do share or at least are neighbors, Ranger did sell many of the properties that it inherited from the Czar takeover.

As I already mentioned I have already sold my position in Orbit albeit a modest one of 8000 shares and I will re-invest the proceeds in some undervalued juniors.

I believe that the main reason for the takeover is Orbit's US gas properties in Texas and since Sunoma is also a partner or neighbor on those properties, they are putting a future cashflow value on future production based on high US prices. Lets face it I'd rather sell my production at 2.75 US than at 1.20 CND, BIG DIFFERENCE, BIG DIFFERENCE.

Lamond will walk away a million 20 times over with a 1.70 takeover or 1.90 takeover, and he can start over with a another junior. The real question is does he want to do this, does he have the patience to start and run a small company. Don't forget Orbit has in my opinion just reached critical mass and has the size and financial clout to do more deals be it US based or international based which they have demonstrated they can do.

I didn't feel comfortable with the answer to this question so I bailed at 1.75 and there are many undervalued juniors to take Orbits place.

Another scenario is for Orbit to sell US properties to Sunoma and re-invest the cash, but do think Orbit will be trading at 1.80 is they do this ?

I thought I would play the devils advocate, this is just my opinion.

I still believe that CCN is grossly undervalued based on the fundamentals and is trading at exactly the same price I purchased Orbit 1.5 years ago, it's time for a switch-a-roo.

Cheers and good investing
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