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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Craig C who wrote (7283)	4/27/2000 3:49:00 PM
From: Cal Gary	Read Replies (1) \| Respond to of 24905

BAU, IMHO, would be more attractive buy than NNP. RGO is definitely in a different league. Duke paid $2.00 for EEE recently. BAU has less shares O/S, less debt, about even production and more cashflow than EEE. Regarding debt, compared to other juniors, neutral. Banks extend loans with high discounts on a physical asset as collateral. Current production is 100 million MCF/d and 8,000 bbls/day oil/condensate. At $2.34/MCF (PEL's net reported at $2.70/mcf) they got good cash generation to support debt. TLM probably aren't interested in this basin. Agreed AEC, RAX haven't bought big names yet, but AEC has expressed interest recently for natural gas assets/companies. Apache and Mobil are the other partners in the Slave Point discovery, they maybe interest. Who knows at this point. PEL at 3.35 is valued higher than BAU in my books. I maybe wrong but check the market caps, land positions, exiting and upcoming production.