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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Scott Mc who wrote (5120)6/1/1998 1:39:00 PM
From: SofaSpud  Read Replies (1) of 24920
 
Scott / Management

Great discussion you've got going. When you say you evaluate management, what steps do you take? It seems to me that, in the present environment, this is extremely important.

A case in point is Harbour Petroleum. A few of us looked at this co. as a possible turnaround candidate a year or more ago. Management had been through the fire in the mid 90s, and were thought to have learned their lessons. Evidently that was a mistaken assessment.

Someone once suggested that you read old annual reports to see what management promised, and compare that to what they actually delivered. By that criterion, Probe would be one example of a company with excellent management, having consistently promised big and delivered much bigger.

There is also the question of reputation. E.g. the people behind San Fernando / Key West, who did quite well with Jordan.

I'd appreciate any ideas, suggestions, etc.
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