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Gold/Mining/Energy : Kestrel Energy (KEST): California & Australia Plays
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To: Bob (Hijacked) who wrote (12)12/28/1997 11:05:00 AM
From: Ed Ajootian   of 37
 
Bob,

Great to see you jump onboard here. I think you're doing it right, just nudging in a little at a time. With volume only averaging 10,000 shs. a day there really is no other way to do it.

This is obviously not one to bet the ranch on, at least not until they announce a discovery. I would keep your eye on it over the next 3 days and if any stock comes on the table at $1.375 or less I would snap it up. Once tax loss season mercifully comes to an end though I would be prepared to have to meet the "ask" in order to get any stock.

The main thing is to keep some dry powder for the announcements that are about to come out. With a stock that is as underfollowed as this one is you almost always have the chance to move in right after a positive announcement for not much of a premium over where it was just prior to the announcement. The only reason I am recommending getting _some of this stock right now is that there is always the chance, given the tiny amount of float, that there will not be any sellers when the good news comes out and the stock gaps up.

Also it would be prudent to hold off to see how their development wells have done before buying very much of this stock. We need to see them get back to positive cash flow to make the company viable again without having to resort to another stock financing.

After thinking about it some more I realize the time frame for the drilling of this Janus well is more likely going to be 4 -- 5 weeks rather than 3. This will be perfect if KEST goes to the Strain/Westergaard show as they have in the past, since the well will be just about to hit total depth at that point.
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