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: stock talk who wrote (44299)	5/7/1999 3:43:00 PM
From: SliderOnTheBlack	Read Replies (6) of 95453

stocktalk -Never anything wrong with taking profits... MEXP Wallace; busy here - I will post my thoughts on MEXP later tonight... We obviously have ''daytraders'' involved - which is fine... but expect end of day sell offs etc. However; to recover from this a.m. on this volume says a lot. If we went up 50%+ in one day; I'd take ''some'' profits; but for me - this is honestly a long term play. It could pop to $4 on merely the refinancing of the Bank Of Montreal Loan. They have such a stable insider ownership; such low risk - high upside nat gas prospects; not to mention a 50+ year operating history; that this is virtually risk free here. This is all about required asset write downs from year end - causing Bank covenant violations. The change in present Oil & Gas prices has allready virtually reversed this accounting (non cash) impairment. This is an ''accounting anomaly'' play... Nothing as far as their expertise, their reputation within the industry and certainly not their properties - has changed. I am sure some worry about dilutive financing, did they make their payment due BOM May 1st etc... We'll all know in due time... This is a true under the Institutional radar - freebie-double here. Nothing will stop this stock from doubling in due time. Most likely within 1- 3 months; regardless of anything else - by year end. $6 is a not unrealistic here - could even happen faster than anyone thinks...(VBG) !

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