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Gold/Mining/Energy : WOLVERINE ENERGY (WVE.A) - Recommended in Buy Low, Sell Hi
WVE 9.040+8.9%Oct 31 9:30 AM EST
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To: HAZ who wrote (17)2/28/1998 2:57:00 PM
From: Chi-Chi   of 37
 
Haz,

I'd like to boast about our picks to date, but we haven't had the success we had hoped to date. We are still confident though as the patch has been hit hard by low commodity prices and things can only start to get better. At times like this I think it is very important to focus on financial data (ie. debt levels, cash flow) as drilling opportunities/success will be limited if there is no money in the till.

With regards to Granger, they are presently producing about 650 boepd, weighted to oil production of which about 150 bopd is medium grade production. The recent farm-in well by Berkley was a dry hole. To date Granger has grown slowly and has not had a "home run" well. The company is not heavily promoted and has no strong institutional backers, thus it's thinly traded. On the plus side, they do have some home run potential at Thorhild in Central Alberta, which should spud some time in the next month or so and at Tompkins in SW Sask. We still consider this a value stock at 72 cents per share cash flow with some future potential. Keep in mind that they do have Class B shares converting to Class A shares sometime before Feb. 27, 1999. Success in 98 is important for Granger.

We should probably refer future non-Wolverine related discussions to another thread (ie. Canadian Oils) or you could even e-mail us through our website. Keep up the good commentary that you provide on SI.

ESP
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