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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: mike smith who wrote (6348)4/29/1999 9:32:00 PM
From: kingfisher  Read Replies (1) of 24892
 
Mike,
One gassy stock I am familiar with and in my portfolio is Scorpion Energy -SEN on tse.This micro cap stock is suffering from a lack of liquidity and board/management conflicts,the nature of which I am not familiar with ,but despite having a net asset value of $1.75 and currently producing 1300 boe (85% gas) and flowing decent cash flow stock is trading at 50cents and perhaps headed lower.Less than 10 million shares fully diluted and $7 million of debt.They tied in a well at Brazeau in January that is capable of producing 10 million cubic ft a day but because of lack of capacity at Petro Canada's gas plant they can only flow it at 5 million cubic ft.They have a 78% interest in this well but this is in dispute with Circle Energy.Technical difficulties are preventing them producing from another well which would net them another 150 boe.They are still working on that problem.Scorpion took over Midas Resources last year.
Westlinks have pegged a value of $1.50 on Scorpion.
I would appreciate anybody who is familiar with this company to give me their opinions about this company.
One more issue that is causing uncertainty is they are shopping the company around for a possible merger.
Anyhow it looks like a bargain but WDIK?

Best Regards,
Richard
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