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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: oilfinder who wrote (5587)11/17/1998 3:32:00 AM
From: Kerm Yerman  Read Replies (1) of 24925
 
Mike / Blue Range Resources

Just a few years ago, many considered Blue Range as a model company within the industry. Oh well.

I suspect the NAV of the company lies around $7.00. There may be further writedowns that should occur which we are unaware of. Well declines appear to be a problem with the company and I'm unsure of current status. They have added reserves as the news release announced.

I would expect to see counter offers.

I like their acreage position and it would appear to me that the oilpatch recognizes that also. I don't buy into future gas pricing as material at this time. It all will come down to land, existing infrastructure and drilling prospects which compliment operations of a nearby producer. I don't know who they are at this time without further investigation.

These are tough times for producers and availability of capital markets are limited. Thus, someone has to have the credit facility, cash, or in position to provide an equity offering. This will cut down the potential list of buyers.

Of the stronger junior and intermediate companies, Canadian 88 Energy, Berkley Petroleum and Paramount Resources may be candidates. Larger companies may include Ranger Oil.

Anybody else with an idea of candidates?

Reference: Message 6446153



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