Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (42408)	4/16/1999 2:20:00 PM
From: upanddown	Read Replies (1) of 95453

Slider Lots of positive news propelling PZE.... - Gabelli bought over 5% - Very positive mention by Herb Greenburg in Thestreet.com - UPR, the outfit that offered over 30 bucks last year recently raised its cash coffers to 1.3B via a debt deal. - the amazing story about the Eugene Island property in WSJ today with its implication that company reserves could be much higher than published numbers Message 8963726 - big Gulf producer (50+ BPD) with low lifting costs from the annual report.....on 12/31/98, they owned 7.1M shares of Chevron and had 20M cash. That alone is worth at least 100M more than current market cap. Negatives would include high debt, very complicated debt structure, crappy money-draining international ops, poor exploration results, recent losses, projected losses. I think the street is having a hard time placing a value on PZE since the Pennzoil spinoff. Understandable but my gut feeling is that it is worth a hell of a lot more than 11-12 bucks. JMHO. John

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