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

To: S Shaw who wrote (7891)	1/23/2001 2:55:17 AM
From: Richard Saunders	Read Replies (1) \| Respond to of 24907

Scott - PSN. True re: close to 52 week high & there also hasn't appeared to have been visible volume since early last fall which also would possibly argue against being takeout candidate. I took a quick glance at SEDAR to see if there's any recent mention about taxpool situation however the most recent info. appears to be in the annual filed for Dec.31'99 Once again, maybe this is a tangent however I did notice that the Brazeau news release posted by toowit indicated that Gilbert Laustsen and Jung Associates Ltd had done reserves calculation while the Annual Info. Form filed at SEDAR for earlier shows Sproule having done reserves. Maybe it's not a big deal, I don't know. I do know that back in Nov. there were some brokerage updates re: PSN and their 3Q numbers. One critique I saw mentioned something about reserve uncertainties associated (THEN) with the (THEN) untested Brazeau situation. As well, some mention re: possible capacity constraints and the possible sour nature (25%'ish H2S) of possible production seemed to be significantly discounted. Possibly yesterday's news release is in a bit of a response to some of those concerns indicated last fall, again, I don't know. When I was looking at PSN's filed AIF I saw that Post was started privately and funded by a $2mil. debenture in 1992 followed by a merge into a $3mil. initial public offering in 1993. I also notice that the founder -- Tim Hunt -- still has upwards of 2mil shares fully diluted. Back in November the co. was supposedly doing around 5,000 boepd and indications were that it would probably avg. around 6,000 for 2001. As late as last December I confirmed that the co. had 24 employees and that consultants were used as/when required. I know, it's a wild speculation on this end however I'm thinking that just maybe the founder may be thinking of a timely exit strategy & that's why I wouldn't be too surprised to see it meld into something else. As always, time will tell.