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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: mike smith who wrote (6348)	4/30/1999 2:37:00 AM
From: Richard Saunders	Read Replies (2) of 24892

Mike - appreciate the fundamental detail you're working thru. One little co. that I tagged a while ago to possibly look at after receipt of annual/1Q reports was Southward Energy (SWN-tse). To date haven't really gotten around to decent number crunching but notice co. based '99 budget on $13WTI. Last yr. co. avg'd. 848 boepd with 73% gas bias. Co. lost money primarily due to writedown of $1.5mil. Cashflow for '98 was $2.8mil or $0.23/share. Debt was approx. 1.5x CF Co. has been around for quite a while although there's a new mgmt. group in place and has been setting direction for just over a year. Mcdaniels did the asset valuation and at '98 yr. end 12% discounted n.a.v. was $1.11/share based on just under 13mil shares. More work re: forward-think assumptions needs to be done however the stock seems to be in the $0.60 - $0.70 range. Personally unaware of any estimates but purely based on yr. end position and current mgmt. bunch possibly the co. may fit into the type you were looking for. I don't currently have a position although did own some shares in the situation about 5 yrs. ago at approx. 3x higher than current pricing......... Happy hunting.

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