Does anyone have any information on these guys? I don't recollect having seen them mentioned on the thread before. GRKA is up 1 1/16 today (last I looked) on what I take to be a response to the below referenced news release. It may be one to add to the list, although its currently trading at or above its 52 wk high.
PR Newswire, Friday, September 01, 2000 at 11:12
ARLINGTON, Va., Sept. 1 /PRNewswire/ -- The following is being issued by Friedman, Billings,
Ramsey & Co. Inc., a member of the National Association of Securities Dealers, CRD number 25027:
Friedman, Billings, Ramsey & Co., Inc. today initiated coverage of GREKA Energy Corporation
(NASDAQ:GRKA) with a "Buy" rating and a 12-month price target of $24.60.
In a 25-page report, senior energy analyst Rehan Rashid identified GREKA as a rapidly expanding
company engaged in the operation of an asphalt refinery in California and in the acquisition,
exploration, and development of natural gas and oil properties.
"After spending more than two years restructuring the company, GREKA's new management team
has demonstrated that the turnaround of the company is complete and the focus is now on
accelerating growth," Rashid said. "We expect future per share earnings, cash flow and asset value
growth to be accomplished through increased capacity utilization at the company's asphalt refinery,
as well as execution of a balanced program of exploitation, development, exploration and strategic
acquisitions of oil and gas producing properties."
GREKA Energy Corporation conducts domestic exploitation, development and exploration and
production activities in California, Louisiana, Texas and New Mexico. The company also owns a 49%
working interest in 380,534 acres in China, which has significant Coal Bed Methane potential.
GREKA Energy closed last night at $11 7/8.
Friedman, Billings, Ramsey Group, Inc. (NYSE:FBR) -- the parent of Friedman, Billings, Ramsey &
Co., Inc. -- is a holding company for three businesses: investment banking and institutional brokerage;
venture capital and other specialized asset management products; and its Internet holdings, fbr.com,
an online investment bank, and Offering Marketplace(SM) a technology for the electronic distribution
of new issue securities. In March, FBR was recognized by Nelson's Institutional Research Report, as
the 22nd largest research department in the country in terms of research written. Headquartered in
Northern Virginia, home to an array of leading global Internet companies, FBR provides capital and
financial expertise throughout a company's lifecycle. FBR has offices in Arlington and Reston, Va.;
Irvine, Ca.; Boston; Charlotte; Chicago; Portland, Seattle; London; and Vienna. For more information,
see fbr.com.
Friedman, Billings, Ramsey & Co., Inc. makes a market in the common shares of the subject
company. ADDITIONAL INFORMATION ON THE SECURITIES MENTIONED IN THIS REPORT IS
AVAILABLE UPON REQUEST. This report is based on data obtained from sources we believe to be
reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of
individual client objectives, this report should not be construed as advice designed to meet the
particular investment needs of any investor. Any opinions expressed herein are subject to change.
This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities
herein mentioned. From time to time, this firm, its affiliated entities and/or their respective directors,
officers, employees or members of their immediate families may have a long or short position in the
securities mentioned in this report. These securities may be sold to or purchased from customers or
otherwise by this firm, its affiliated entities, and/or its directors, officers, employees or members of
their immediate families, as principal or agent.
SOURCE Friedman, Billings, Ramsey & Co.
-0- 09/01/2000
/CONTACT: Andrew Parmentier of Friedman, Billings, Ramsey & Co., 703-312-9629, or
aparmentier@fbr.com/ |
