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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Bob Walsh who wrote (4155)	8/23/1999 9:15:00 PM
From: grayhairs	Respond to of 15703

Hi Bob, <<The Haywood August 12th write up on ELH (and GSJBJV) at the Eland Jennings site is very informative.>> I agree with you that this article is informative and that the format is indeed very useful. It is unfortunate that they too erred and chose to use "net interests" instead of using actual "APO working interests" of all participants in their asset valuations. This detracts from the worth of the Haywood study and, as an example, results in an overstatement of the worth of ELH to BKP by about 51% (almost $700 MM of market cap for the 5 TCF case ) !!! <<...lumping the two areas together for the purposes of evaluating where to speculate seems like comparing apples and oranges...>> I whole heartedly agree with this observation, Bob. Later, grayhairs