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

To: Scott Mc who wrote (4153)	11/17/1997 9:59:00 AM
From: HAZ	Respond to of 24920

Scott / Numac Energy I concur, Numac is a keeper until the stock moves up considerably from these levels. As you mentioned there are many positives ; 1 - Wainoco purchase fits in very nicely with their core properties 2/3 of properties in Fort St. John area. 2 - 2.2 million undeveloped acres 3 - 98 projections include 24,000 bls/d oil & liquids and 180 mmcf/d up from 20,300 bls/day and 140 mmcf/d in 97 4 - 94% success drilling YTD and also in 1996. 5 - Many potential high impact wells during 97/98 winter drilling season 6 - Manatokan heavy oil production expected to increase steady until 2000 (10,000 bls/d based on 7% recovery rate) and (20,000 bls/d based on 12% recovery which appears realistic). This will lead to aggressive exploitation and operating costs will come down. 7 - non core area sales and modest 1.5 X debt/cashflow ratio 8 - NAV ? In summary, this stock has not really experienced the appreciation that other O&G stocks have had in the last couple of years and with a very successful 97 and better 98 ahead I don't anticipate it to fall very far from the current trading range. If it falls under 6.00 I'm a buyer for more since it's long term prospects are very positive. You can never tell with the stock market up or down, but Numac will do well based on company fundamentals. Cheers and good investing