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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (5054)	5/6/1998 5:44:00 PM
From: SofaSpud	Read Replies (1) of 24921

Graham / Barrington I've had a position for almost two years. Underwhelming to say the least, compared to a lot of other stuff. One criticism has been that their growth has been via acquisition, rather than the drill bit. After the last take-over, they said they were going to get serious about exploration. If that's the case, it's hard to say that 1997 was a huge success. The overall success rate on 155.1 net wells drilled was 74%. On exploration wells, it was 51% on 43.7 net wells. IMHO they have to do better than that to improve their reputation. Kerm -- annual report pegs NAV (15%) at 4.25 @ YE '97 vs. $6.37 in '96.

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