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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Sharp_End_Of_Drill who wrote (75151)	9/29/2000 8:09:13 PM
From: isopatch	Respond to of 95453

DANG! Thinking STXD and typed SMOP by mistake. Time for MORE COFFEE<g>. SMOP has been acting very well and agree with JimP on his very positive appraisal of the excellent gains potential there in the weeks ahead. STXD is the one I wanted your feedback on per the questions in my previous post. As far as the market being just gang busters this week? Absolutely! And I agree, it's important to stay alert and not get complacent when things are going as well as they are now. Iso

To: Sharp_End_Of_Drill who wrote (75151)	9/29/2000 9:00:51 PM
From: jim_p	Respond to of 95453

SEOD, SMOP's debt was converted into common stock in the CH 11. The only debt left is $17.6MM in bank debt. Do the math!! The company was put up for sale by the current Chairman who is an investment banker that came in and bought up the bonds for $.30 on the dollar. He is now the COB and the largest shareholder. He does not know or care anything about the oil business, his only plan is to take his profit and move on to the next deal. 81.9 Bcfe in reserves (61% NG), SEC 10% $155.5MM, 11.76MM shares outstanding post bankruptcy after the new shares were issued and 5 for 1 reverse stock split, $17.6MM in debt plus $5MM paid to the bond holders. The company is cash flowing over $1.4MM a month. If you can figure out ANT WAY the company will NOT be sold for more than $5.00 a share, I'd like to hear about it. This is a gift, do the math. Buying the stock for under $5.00 is like printing money. Jim P S: The last reserve package that I saw sold for $1.20 per Mcfe in the ground.