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Gold/Mining/Energy : Bearcat (BEA-C) & Stampede (STF-C)
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To: Abbeydale who wrote (1761)12/29/1998 8:59:00 PM
From: Keith Minler  Read Replies (1) of 2306
 
Hi Abbey;

I didn't think it was that bad. There is no doubt that IMP/Berkely are not in a panic to bring product to market at the bottom of the recent price decline.

Nor is it surprising that they refused to allow Stampede to operate the well. I suspect that this would at a minimum require renegotiating the lease agreements.

If they (IMP/Berkley) remain delinquent then it means that they place a very low value on the leases and our optimism for this play is misplaced. I think that that is overly pessimistic. Worst case scenario is an oil/gas play with poor financials due to water/sour gas.

I don't have all of the reports mentioned in the letter but I get the impression that they are making a major effort to prove the financial viability of the play.

The surprising announcement was the 4,260,000 common shares placed at $0.40. That's twice todays open. Hard to understand why someone(fairy godmother?) would pay that much. I looked at Sedar for confirmation of the placement but could not find anything.

Taken at face value it means someone out there has abundant faith. And
is willing to put his money where his mouth is.

Would be great to hear from anyone in Calgary, what the word on the street is.

Failing that, at these prices, it boils down to that old Clint Eastwood line; "Do you feel lucky?"

Later

Keith
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