Strictly: Oil and Gas Exploration Companies Message Board

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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies

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To: Robert T. Quasius who wrote (190)	5/16/1999 7:14:00 PM
From: cherrypitter	Read Replies (1) of 318

Robert; I concur with your analysis of MEXP. However there are some things in the 10Q that cause me mild concern. The $3.1 mil. sale of assets and $1 mil. sale of a working interest of certain assets to an "affiliated party" is curious. Is that a reference to the Millers or other insiders and why not identify them? The Millers and others were to pony up a total of $6mil. by the end of May. Do we assume they are coming up $1.9 mil short? Also no mention of any sucess as yet of any possible recapitalization as was being explored with the hiring, on 15 March, of Raymond James and Associates. Seems all these micro-cap E&P's have struggled with low product price and huge impairment charges in '98. If MEXP is sucessful in meeting its short term obligations, it should be well positioned to take advantage of the nat.gas shortfall that we all seem to agree is upon us. Regards, Rich

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