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Gold/Mining/Energy : Panaco Corp (PANA) -- Ignore unavailable to you. Want to Upgrade?

To: Author51 who wrote (59)	5/23/2000 8:13:00 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 115

After a chance to sleep on it I've decided its time to go all the way on this one and upgrade this turkey's short-term rating to a "Strong Buy". I realize this may be a month or so premature but the situation is becoming so explosive it would behoove folks to be early rather than late. At least now, when it pops to $.90 and folks ask, "Jeez Ed, do you think this thing will ever dip back under $.80", I can just say that I unequivocably told everyone to load up at $.78. Whenever Croft-Leominster is finished dumping their position and there are no more sell orders out there, all of a sudden the "ask" will pop up to around $.86, and everyone is gonna stand around google-eyed muttering to themselves "WTF". Then some slob will break the ice with a buy at the ask and it will be time to... LET THE GAMES BEGIN!

To: Author51 who wrote (59)	8/2/2000 10:45:02 PM
From: Ed Ajootian	Respond to of 115

Great news today -- another $2.5 M of annual cash flow for the PANA coffers! For most companies this extra $.10/yr. of cash flow would make the stock go up by about 4 x that figure. Key point to focus on: they are targeting 25 - 100 BCFE in their East Breaks 109/110 program. Lets dream a bit and play with the upside # a little. Use $1.50 for the value of an mcf in the ground (TMR just sold some properties for about $1.60/mcf). So they could discover $150 M gross of reserves. They have an 83% NRI in the field I believe, so that's $124 M net to PANA, or over $5/share! This is very encouraging to see PANA keep the flow of news releases going and keep its shareholders updated. The only negative point I can find in the whole release is that they will not get a rig to drill a well over in the East Breaks 165 area until next year. Hopefully the company is opening up more drilling projects now that rigs are so hard to come by. They should learn something from the airlines, which purposely over-book their flights. I still say we will be looking at a $2.50 stock by Labor Day.