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Microcap & Penny Stocks : Benz Energy (BZG.V)
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To: John T. who wrote (60)12/22/1998 10:03:00 PM
From: Ed Ajootian  Read Replies (1) of 272
 
John,

Your points are excellent and are all well taken. Let me try to address them one-by-one.

Current carnage in the stock price. It can be explained as the conflux of the Canadian tax loss selling season coming to an end, together with continued problems with the Oakvale Dome wells. The Canadians had been holding off dumping this thing earlier with the prospects of hearing about those wells by now. But that ain't happenin so they are dumping the stock. It should only last until Thursday since that is the last day a Canadian can take a '98 tax loss.

Relationship to book value. Yes, you are absolutely correct. It is currently selling at a significant discount to book. But not as much as you mentioned. They allocated some of the proceeds from the debt offering earlier this year to equity for some reason. After you adjust for that the book value was somewhere around C$45 a share as of 9/30. Pull that down by another nickel a share for 4th quarter loss and you get a 12/31 book value of C$.40 a share as of now.

Where we go from here. I would say its gonna continue to drift down for the next few days, especially if nat. gas prices continue weak. But come next week I believe this turkey will slowly come back to life. The big sell orders will disappear and once they come out with some good news on the Oakvale dome wells we should be back up to the $.60 mark easy.

Always great to come across another Benz fan!
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