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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: CIMA who wrote (5178)	6/18/1998 7:07:00 AM
From: Kerm Yerman	Read Replies (1) of 24899

CIMA / Baytex Energy Some time ago I listed Baytex in my TOP 20 Listing and then promptly delisted the company after a few weeks. I did it because a friend of mind mentioned comments made in relation to playing with numbers in order for the company to look good in reporting. Nothing illegal, just methods of activity and related numbers. Since that time, shares have increased and then retraced that advance. That was almost a year ago. Since I had a lot of confidence in the person that passed that on to me, I took the action to drop the following of the company. For months, I wondered if I had made the right move. If the word on the street is as you say, it would look like there is substance behind those previous comments. It took a long time coming. I don't know if it is the earnings that is the problem. Earnings is everyone's problem today. I suspect the problems lie in reserves and potential production declines and resulting cash flow. Whatever their problem is, if word is out on the street that they are to be gobbled up, I would treat that as negative. We will have to watch to see if a company notice is given that they are having someone reviewing and soliciting offers to be merged or acquired. They will be looking to salvage maximum shareholder value. We'll have to see how this plays out.

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