Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: RIK who wrote (7310)	5/4/2000 7:09:00 PM
From: Cal Gary	Read Replies (1) \| Respond to of 24915

BAU: My valuation for 2.80 to 3.00 takeover price based on a comparison of $/BOED prices paid for recent acquisitions. But first, much thanks to those who took time to PM or email me with analyst reports and other supporting articles!! I could only use a few items. I didn't use/do any cashflow valuation, not enough time, but maybe the weekend. Apr. 10 - Unocal/NRK; $724.4mil; 43% oil; $27,862/flowing boe Apr. 17 - AXL/ULP; $980mil; 45% oil; $36,296/flowing boe Apr. 17 - Samson/CLX; $140mil; 20% oil; $34,146/flowing boe Apr. 24 - Seneca/TriLink; $340mil; 95%+ oil; $29,565/flowing I choose the Unocal/North Rock deal to justify the 2.80/3.00 price. North Rock had the same DEBT/CF profile as BAU. So this is the most logical, suitor will not pay premium for higher debt levels. The AXL/ULP price was too rich, because of the bidding against HUNT. I doubt BAU will have several suitors, BWTHDIK. The Seneca/TriLink valuation can be used also, but this gives a higher valuation for BAU. If anyone is interested, please PM me with an email address and I'll send my spreadsheet to you (virus checked). I'll convert the spreadsheet to Excel Office 95 format. Disclaimer: I am not a financial analyst, I am sharing only my personal information and opinion. Remember you on your own using this information. I take absolutely no responsibility for how you act on the information. :o) Feedback is appreciated. NPP: There seems to be much interest in NPP on SI so I might create another spreadsheet on the weekend. Only if I have enough public information. Same valuation model will probably be used. PS Bye bye intermediates. Canada will soon have integrated, large producers, (few intermediates) and juniors.

To: RIK who wrote (7310)	5/5/2000 10:49:00 AM
From: kingfisher	Read Replies (1) \| Respond to of 24915

Forest oil may be interested in Magin depending on results from Copton. I am waiting for more details on Copton and if development costs are at a reasonable level I may increase my position.Future drilling plans suggest a target in excess of 150 bcf to ??? gross recoverable gas at Copton.It will take several years to prove out 200 bcf May have a very large impact on Magin's net assets. A replay of Forest Oil conference call will be available on May 11th.Hoping they touch on the potential of Copton. Goldman still buying Magin. Have a good one, Richard