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To: Henrik who wrote (30571)	7/19/2002 9:42:23 AM
From: Dale Baker	Respond to of 118717

If PGO goes under, that means the value of its seismic library and other property and equipment are virtually nil. Hard to buy that argument but who knows... Only a small spec position for me - worth holding until we see where it goes, IMHO.

To: Henrik who wrote (30571)	7/22/2002 11:22:16 AM
From: Sultan	Read Replies (1) \| Respond to of 118717

Henrik.. Could you check out this place next time you are in the neighborhood.. Strictly as an investment prospect.. Message 17773170

To: Henrik who wrote (30571)	7/23/2002 4:02:37 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

PGO continues to be a puzzle - even after interest payments they generated $90 million in operating cash flow in Q1 2002. The only way they could face BK would be if the banks call in all the debt; PGO is already slated to merge with a stronger company, so why would debtors want to derail that process? What would anyone else do with PGO's seismic library, I doubt the banks could get much for it in a fire sale? The FUD factor here seems to have obscured the bottom line for PGO. But we are learning how insidious mass panic can be.... Euro dumping back under .99 while gold gives up its latest spike. Maybe cooler heads will prevail the rest of this week.