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Gold/Mining/Energy : Parkcrest Explorations Ltd. - Discovery 4,116 BPD
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To: leaf who wrote (46)12/17/1997 7:16:00 AM
From: Ed Ajootian  Read Replies (1) of 94
 
Leaf,

Great to see that well spudded. PKC oughta be putting out one of their own releases on this today.

Both Strain and Titus are knowledgeable and reputable O&G guys. Titus can lapse into being more of a cheerleader at times. The latest thinking is that they will space out the reports --- have Strain do his in January and then have Titus do his after the Estero #3 results are announced and the stock sells off on the profit-taking.

Now that PKC has undertaken an "all-Colombian" strategy they have to keep a constant vigil on their stock price, so as to avoid giving Harken a chance to swoop down and buy them out at a discount.

On the financing front, it turns out they still have some investors lined up to buy more of that earlier financing. The buyers apparently just wanted to see this well spudded first before they plunked down their money. Hope to see some news on further financing any day now and once that comes out the stock should pop right back over $1.75, probably to stay. From the earlier financings they have already raised enough for the Canacabare well and the upcoming Palo Blanco 3-D seismic program, so any more funds would be play money.

Looks like anyone who passed on the financing thinking they could get the stock cheaper on the open market is about to have that opportunity quickly go by the boards.
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