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

To: Hunter Vann who wrote (2227)	1/20/1998 10:33:00 PM
From: alchemy	Respond to of 4736

Hunter: Regarding how many years are they going to go back, the company is probably no more than fifteen months old if that. Deloitte-Touche reorganized Seitel shortly after they developed their 3-D Seismic technology. They were very successful with that business model and obviously saw NAMX as fitting into that mold. I have heard that D-T is auditing the company for quite a pretty penny. Another investor who has many more shares than I have has confirmed this relationship during his due diligence. I believe you may be wrong on the issue of DT's audit. We will learn one way or another when we review the Q1 Report. I hope that the report summarizes the results of '97. I am expecting to see healthy earnings for the first quarter, but also substantial drilling and field development costs. We may not see these wells reach payback until the second quarter. I would venture a safe guess that we will have a heck of a lot of drilling over the next six months on this property. The flipside of the field costs in Q1 & Q2 is that we will actually begin to see a profit in the third or fourth quarter as the revenues from 30 or 40 wells pour in. marty