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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera! -- Ignore unavailable to you. Want to Upgrade?

To: proud dad who wrote (1679)	12/10/1997 8:24:00 AM
From: timemizer	Read Replies (1) \| Respond to of 4736

Sources within NAMX indicate talks are still ongoing with UPR. UPR got very involved with Pennzoil and pushed the processing of UPR/NAMX agreement aside. Talks should heat up again soon. UPR just announced a stock repurchase plan, more money than they know what to do with, should be able to do something with NAMX. The reason for no news is that talks are still underway. NAMX paid for the first two well which are flowing gas currently. NAMX will not spend any additional money or drill any more wells for UPR until agreement is in place. ???News of agreement No date or timeframe currently.

To: proud dad who wrote (1679)	12/10/1997 8:55:00 AM
From: alchemy	Respond to of 4736

Hello Phil: Since UPR will not have a funtional plant until 6/98 there is no need for it to lock in a deal with NAE. If I was UPR, I would wait until I had tapped 20% of my reserves and then call in the exploration companies. I feel that one can make a strong case that UPR will need to call on NAE's resources at some point over the next two years. Look at the numbers. They plan on processing 35 million cu. ft. of gas a day. That's 1bcf/month. At He levels of 4%, they will be producing over a million cu. ft. of He a day. They have a monster they have to feed. Obviously, I don't have any idea of UPR's NG/He reserves in Colorado, but it is hard to believe that they won't use independents who are willing to take the risk to find the He. UPR is focused on their bottom line. They are sensitive to drilling costs. I feel that at some point their inventory demand and business sense will compel them to reach an agreement with NAE. The question at that time may be-- will NAMX want UPR? BTW, in reference to the article that Jay posted, NAE has been using Deloitte-Touche to assist them in their efforts to become a reporting company. If NASDAQ requires NAE to provide full finanical disclosure, my bet is that they will be able to do that in a timely manner. marty