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Gold/Mining/Energy : Parkcrest Explorations Ltd. (PKC) Harken (HEC) partner
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To: JJPLay who wrote (242)5/17/1999 1:09:00 PM
From: B. E. Barry  Read Replies (1) of 261
 
JJ
Votes not counted until AGM on May 25. I tend to favor current management in battles like these. Let's face it, their track record isn't too bad. After Bre-X it's nearly impossible for a junior O & G company to keep up with financing requirements of Harken. Look what happened to Bill Richards' Dome Pete, when the money ran out. Let's keep in mind PKC is just a small company.

At EGM in December, everyone involved with PKC voted unanimously in favor of Lipsett's decision to get out of Columbia. Company (Lipsett?) fortunate to negotiate decent exit and still retain potential to participate in ALL Harken's plays, and retain liquidity to get out quickly if needed.

PKC is still in oil & gas business, but at a more realistic level, given the current situation. As for looking at other opportunities outside the resources sector, who isn't. I believe I just convinced myself to vote for current management. At least if they win, we (shareholders) wont have to pay for all Charuk's "battle" expenses.
BEB
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