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Gold/Mining/Energy : Saxon Petroleum (SXN-TSE)
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To: Steve Trencaroff who wrote (21)1/12/1998 8:08:00 PM
From: Steve Trencaroff   of 24
 
I spoke with Saxon's CFO Chris Bradley today. He perceives the situation as "panick selling" to some degree mixed in with some fundamentals: the food for oil deal with Iraq and the unusually warm winter. He noted that all oil & gas co's are in the dumps, citing Gulf Oil down from $12 to $6. With regards to buyers, he said the activity has cooled down substantially probably because the share price of perspective buyers is down as well. He could not speculate as to a new time frame for an offer.
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