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Gold/Mining/Energy : Petrokazakhstan Inc. -- Ignore unavailable to you. Want to Upgrade?

To: forecaster who wrote (1664)	5/22/2001 9:34:43 AM
From: Larry Dambra	Respond to of 2357

Update on the special dividend. Link to the press release on Micosoft investor is below. Also available on PR NewsWire news.moneycentral.msn.com Larry

To: forecaster who wrote (1664)	5/22/2001 10:48:11 AM
From: pz	Read Replies (2) \| Respond to of 2357

From Stockhouse site:3 Macs Morning Oilbits Eleanor Barker (416) 977-9810 May 16, 2001 Hurricane Hydrocarbons (HHL.A-T: $11.99) BUY 12Month Price Range: $4.05 - $12.25 Net Asset Value: $20.00 Common Shares: 79.8 MM basic 84.7 MM (fd) Net Debt/C.F. (01E): 0.2x Price/NAV: 0.6x Market Cap ($MM): $960 Major Shareholder: 30% CAIH · Chart Courtesy of ProChart Pro Forma Share Statistical Summary December 31 Year-end (All figures in Can$) EPS ops P/E CFPS ops P/CF Liquids Oil Price ($/sh) (X) ($/sh) (X) (000B/d) (Brent US$/B) __ 2000 3.08 n.a. 3.30 n.a. 86.7 30 Q1 ’01 1.03 n.a. 1.09 n.a. n.a. 24.5 2001E 3.70 3.2 4.20 2.9 109 24 2002E 5.20 2.3 6.00 2.0 165 20 2003E 6.10 2.0 7.00 1.7 180 20 Annual Meeting Provides “Wealth of Information” to shareholders · Announcement of distribution of special dividend of ~C$4.00 debenture to shareholders · Forecast of continued strong production growth through 2003 (termed “conservative”) · Clarification of transportation developments and timing for ~US$6 per barrel decrease in export costs Special Dividend of ~C$4.00 Debenture · Market traded security, 5 year term, competitive coupon; redeemable in part or whole at any time · Retractable by the holder in case of change of control of the company · Expect declaration of dividend in early June for distribution in late June · Corporate debt: cash flow will be less than 1:1; not deterrent for serious bidder Production Growth Forecast and Exploration Potential · The strong management team has detailed plans by field for exceptional growth near term · The 2002 forecast exceeds 160,000 barrels per day and is largely in the control of Hurricane · Exploration potential at deeper horizons very exciting (existing fields in shallow section only) · More than 800 million barrels of exploration prospects listed Transportation Developments and Timing for ~US$6 per barrel cost reduction · Opening of the CPC pipeline dramatically altering competitive forces in export transportation costs · Savings of >US$2 per barrel for access to Atyrau-Samara Pipeline; for sales through Aktau; for sales to China · Investigating access to CPC excess capacity – potential additional US$2 per barrel saving · QAM pipeline planned for mid 2002; additional US$2.50 per barrel saving Market Comments · The handling of the annual meeting confirms our belief in the capabilities of the management · The use of the financial capability of the company to provide value to existing shareholders is creative and signals the strength of the future cash flows; allows time for continued development · The current market price has nullified the CAIH proposal; the next move is theirs · The distribution will have various consequences for investors; some interesting trading will unfold · After the distribution, the value of the common equity will likely continue to rise, based on the forecast of volume increases, reserve increases, and rising cash flows (even if crude prices decline). Recommendation: Buy