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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Richard Saunders who wrote (5508)10/20/1998 5:14:00 PM
From: Ed Ajootian  Read Replies (1) of 24892
 
Richard/Benz Energy

Prentiss Tomlinson (Benz chairman and a big shareholder) has lined up a group of superstars to create a real O&G company. He got the guy that used to head up the US exploration arm for Shell Oil, plus he got the main exploration guy from The Meridian Resource Co. (TMR). He has built up a team for a company generating $25 mm a year in revenues. This obviously is gonna make for some weird stats given that the company will just barely crack through the US$5 mm mark this year.

But even if they just hit half their wells in '99, Strain says they can get to US$26 mm in revenues. They hit about 70% in '97 and about 85% in '98, so a 50% success rate is conservative.

Now the latest is that there may not be a rollback. I think they're gonna see how the market reacts to the next one or two wells, and then play it out from there.

The fact that the stock stubbornly held above $1 today is very bullish IMO. It shows that there must not be a lot of short-term traders in the stock since they would have all taken that buck today if they had bought the stock in the last month or so.

This stock is so highly undervalued that the normal rules of Canadian junior stocks may not apply to it for awhile. Anyone that thinks they may want to build a position in this should start doing so sooner rather than later, IMO.
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