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Gold/Mining/Energy : International Rochester Energy Corp. (T. ROH) -- Ignore unavailable to you. Want to Upgrade?

To: Jeff who wrote (277)	12/20/1997 5:33:00 PM
From: Ed Ajootian	Read Replies (2) \| Respond to of 934

Jeff, No clue as to what their next play is. I do know that they were looking very closely at one particular project and decided to pass on it after what appeared to be a fairly extensive review. This IMO is a good sign --- it shows that the money is not burning a hole in their pants and they are perfectly willing to wait as long as it takes to get into the _right kind of play. At any given point in time there are always tons of potential plays being offered out there but most of them are not worth the paper they're written on. It would not surprise me at all if Harken is planning to buy out both ROH and PKC. The way the market is valuing the very same assets in HEC vs. ROH/PKC is absurd. The discount is not so big with PKC, but with ROH the market is being rediculous. Mikel can offer a 50% premium to the current price of ROH and he would still be stealing the company. I know Phil Walsh (ROH) would have no part of this kind of a deal but what if the Swiss force him to take it? The Swiss (who are Mikel's buddies and have financed HEC for several rounds of convertible bonds) own a big chunk of ROH convertible notes and, IMO, can call the shots on this if they wanted to. Mikel is no idiot -- he knows value when he sees it. He knows that the discount that the market is placing on both ROH and PKC will probably go away once the pipeline is connected. So the time to act is sometime in the first half of 1998.