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

To: SofaSpud who wrote (4169)	11/20/1997 12:50:00 PM
From: Goldberry	Read Replies (2) \| Respond to of 24935

David/Kerm/Crestar Came upon this from the Financial Post Irwin Michael has an enviable track record. The last oil stock I saw him comment as undervalued was Can Oxy last January and it did okay. Crestar Energy Inc - Post says stock seen as undervalued Crestar Energy Inc CRS Shares issued 52206873 1997-11-17 close $23 Tuesday Nov 18 1997 Buy & Sell columnist Sonita Horvitch says in the Tuesday edition of the Financial Post that Irwin Michael, manager of ABC Funds, is finding some good values in Canadian oil and gas stocks. Mr Michael is unperturbed by the current upheaval in world financial markets and continues to be "very bullish" on the North American equity market. He remains fully invested in equities. Mr Michael's current top stock picks include Crestar Energy, recently $23.20 with a 52-week range of $32.50 to $23. This Calgary based company is engaged in the exploration and development of oil and gas in western Canada. There is no controlling shareholder. The stock trades at a discount to net asset value of about $25 a share and at a 3.8 multiple relative to expected 1998 cash flow per share of $6.25. Mr Michael says this is one of the lowest multiples in the senior producer group. Overall, Mr Michael is a value manager looking for cheap, out of favour stocks. He says that in a down or volatile market, these stocks should hold up better. He likes those stocks that trade below book value and/or net asset value. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com ol