Central Pacific Minerals & Southern Pacific Petroleum Message Board

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Gold/Mining/Energy : Central Pacific Minerals & Southern Pacific Petroleum

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To: The Source who wrote (49)	7/23/1998 2:54:00 AM
From: Lu_Xun	Read Replies (1) of 90

I agree that the information in note 46 is correct. Unless I am missing something, all that I said in note 47 is completely consistent with note 46. Note 49 seems to imply that I was saying something contrary to note 46. I don't understand why you interpret my post that way. In any event, at least we are in agreement on this much, I am sure: Page 22 of the combined annual report for 1997 for CPM and SPP clearly states that there are 123.55 barrels per CPM share and 45.57 barrels per SPP share, which works out to 2.71 times as much oil per CPM share as there is per SPP share. Recall that each ADR of CPMNY represents 2 CPM shares and each SPPTY ADR represents 2 SPP shares. So each CPMNY ADR represents 247.1 barrels of oil and each SPPTY ADR represents 91.14 barrels of oil. Incidentally, someone in a previous post made the point that CPM and SPP carry very little debt. If I am reading p. 34 of the 1997 annual report correctly, it shows the combined entities have around $15 million in "Total Liabilities" and over $111 million in "Total Shareholders' Equity."

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