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Gold/Mining/Energy : WPOG: Pease Oil and Gas Company -- Ignore unavailable to you. Want to Upgrade?

To: hubbabuba2 who wrote (3)	3/20/2001 10:40:31 PM
From: Ed Ajootian	Respond to of 8

They have a 8.5% interest in a monster well that Amerada Hess (AHC) drilled recently. It is producing as we speak and I believe the only reason the company has not put out any news is that AHC doesn't want them to. Their convertible notes are not due until 4/15. This is important, since it will give them enough time to get the news on this big well out first, and maybe also the next round of wells with Parallel Petroleum in East Texas. They've also reworked a coupla oil wells they had with National Energy Group, and the word is that both of those are now cranking like hell again. The plan on the convertible notes was to offer to reduce the conversion price down to, say $2.50, in exchange for a 2 year extension to the maturity date. Probably some would opt for the cash, which they would pay off from cash on hand. The reason I didn't respond earlier is that I was waiting to buy some more and did not want the stock to run up. Since it has done so even without my help then I figure I may as well spill the beans. I'm looking for this stock to drift back under $2 over the coming weeks and then resume its upward trajectory once all this drilling success gets announced.