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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (1004)	11/20/1996 9:59:00 AM
From: Wendy McCluskey	of 24921

Kerm - Newport/Harbour Kerm and everyone, Thanks for all your input on this forum. I'm delurking once again. I don't have the technical/financial background that a lot of you guys/gals have, so don't usually have much to contribute. Kerm, I'm still holding Newport. Nice to see it trading in the $8.40 range. I was interested to see you mention Harbour Petroleum. I'm somewhat familiar with this company having watched it drop from over $3 to less than $.50 over the last 2-3 years. Shows what a heavy debt load can to a company. I had a brief career as a commercial banker (still haven't decided what I want to be if I grow up) and was the account officer for Harbour Petroleum when they got into trouble. When gas prices tumbled a couple of years ago, Harbour's lending value of reserves went to pot and the Bank came down hard on the company to get their term loan back on side. To make a long story short, I was always impressed by Harbour's upper management (having met their President briefly and dealt with their financial people almost daily). Harbour reacted swiftly and aggressively to reduce their debt load. Although I "retired" from banking about a year ago, I have heard that Harbour's debt is now less than $10MM (??) (from a high of $45MM) and that they are focussing on some good core properties once again. I believe that good management is THE critical factor when looking at juniors. PS Kerm - since you asked earlier... I also follow Chauvco, Canadian Occidental, HCO Energy (all Toronto) Tethys (apparently going public in 1997) and Peak Energy Services (supply related - Alberta). 'til the next time, Wendy

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