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Microcap & Penny Stocks : Benz Energy (BZG.V)
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To: johnlag who wrote (19)10/27/1998 12:24:00 AM
From: Ed Ajootian  Read Replies (1) of 272
 
John,

Benz still had $11 mm cash left @ 6/30/98. We'll find out soon what they had @ 9/30/98. They have also proved up (or about to prove up) massive amounts of new reserves, which should allow them to increase their credit lines. Then you've got the $15 mm of cash flow that Strain has projected for '99. I don't see financing being a problem here.

Texstar was a real company with a real value to it. At the time he contributed it Benz was at $.93 a share. So he paid $.93 a share for that stock. Correct, he did not cut a check, but he parted ownership of a very valuable O&G company for it. Then later he contributed other properties to Benz when the stock was over $2.

Last couple of day's action is disheartening to say the least. Only salvation (so far?) is that it is on a fraction of the volume that powered the stock up to $1.15. Still, there remains the possibility that some negative event has occurred and until I can satisfy myself that this is not the case I'm on the sidelines.

$1.70 will definitely be a roadblock but we've got plenty of room before that price. Eventually the stock will be able to blast through even the $1.70 mark. It will probably take about $4 in asset value to do this, but I believe that is achievable in the next year.

Note: If this gets down to C$.67 it will then be selling at a value equal to the amount of cash they will generate in 1999!
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