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

To: paul s. who wrote (3998)	10/30/1997 2:31:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24933

Paul S. / Backer Petroleum I have just a little info on the company. Mera Petroleum has a good natural gas play which has recently been in the news. (check postings here over last 1-2 weeks for info) Backer has a 30% interest in the play. Because of this, I had my broker call the company to learn more about their activities and this particular play. Feedback I got is that the recent discovery well is probably a company maker for Mera. Not for them. They are seeking long term reserves and this doesn't really fit with their objectives. Word is they will sell property interest and then reinvest funds into new properties. The most major question I had was why they had not released a financial and operating report for the 2nd quarter. First qtr report was issued June 1st. Broker was to call back with question and then call me. They do feel current shares are undervalued - reason for buyback. That's all I have at this point in time.