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Microcap & Penny Stocks : oil patch survivors
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To: Winston Cupp who wrote (8)3/19/1999 12:42:00 PM
From: Richard Saunders  Read Replies (1) of 13
 
Facts always appreciated. Even though KWE has been mentioned in a bunch of the posts I think .com's original intent was to possibly highlight similar positioned situations. I noticed a news release yesterday that might be worth following up on in a while - reverse take-over by private Canscott Energy of Celestar Exploration (CXP-ase). www2.cdn-news.com Stock is halted and I'm hunching it'll remain that way until after shareholder & regulatory approval. Basic deal that caught my eye was that there appears to be some interesting mgmt. names (some ex-Maxx backgrounds) as well as a small (250 boepd, 95% gas) production base. Combined effort will also have zippo for debt and cash of $2.5mil and available credit line of $1.5mil. The news release was vague re: cash/lines, I checked detail. There are also some tax-pools available for somewhere in the $5mil range. One personal hunch? According to release there'll be just over 45mil shares o/s when the arrangemetn is approved. Suspect some type of roll-back, possibly 5:1?, may also appear. I believe dundee and canaccord brokerages are closest to the proposed arrangement and as indicated, probably the situation will remain halted for a while yet. Purely personal hunch but might be worth looking at a bit closer if/when roll-back occurs. Happy hunting.
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