David / Carmanah Resources
Noticed cash flow dropping off in previous quarters, $0.20, $0.18 & $0.16 for the first 3 quarters of this year. Disposition of Canadian properties and increases in shares outstanding is probably main reason.
If you should request information from the company, please give them my name and address for same materials. Would be interested to see their forecasting for 1997.
This interests me. Current trailing cash flow multiple for 12 months ending 1996 is about 7.0X. Based upon rate of growth, multiple for 1997 may be very reasonable and looking at 1998, may be downright cheap.
As far as Berkley Petroleum, I think there are a number of other additional opportunities which offer greater potential in terms of percent of share appreciation. Don't overlook their partners at this point in time. Shell Canada looks good and Paramount Resources is also attractive to me.
By the way, I have noticed Amber Energy is making some moves in the area of acquisitions. Deals don't look bad.
Just finished this up and went to check news releases and saw this immediately. Posting just in case you may of missed this.
AMBER ENERGY INC. ANNOUNCES FULLY MARKETED EQUITY ISSUE
CALGARY, Jan. 15 /CNW/ - Amber Energy Inc. (``Amber'') announces that it intends to file a preliminary prospectus this week for an offering of approximately 2,000,000 common shares on a fully marketed basis through an underwriting syndicate lead by FirstEnergy Capital Corp. and Nesbitt Burns Inc., and including Bunting Warburg Inc., Gordon Capital Corp. and Newcrest Capital Inc. Amber intends to initially apply proceeds from this offering to reduce its bank indebtedness until required for the Company's exploration and development activities in 1997.
The common shares have not been and will not be registered under the United States Securities Act of 1933 and, except pursuant to an exemption under that Act, may not be offered or sold within the United States.
Amber is an independent Canadian oil and gas exploration, development and production company with common shares trading on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol AMB.
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