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

To: Zeev Hed who wrote (3263)	4/2/1998 5:36:00 PM
From: Sidney Reilly	Read Replies (1) \| Respond to of 4736

Zeev, Those are questions we all want answers to. The company has so far thumbed their nose at us in regards to giving us answers. I would consider Tridon's shares in the category of very likely to be cancelled so knock off 20.5 MM and that is a possible (but unverified) 123.5 MM issued. Then maybe they can get back shares PE issued that for whatever reason can be cancelled. Cash to operate? The 9 wells when they are all metered represent future revenue which NAE could borrow against to drill and operate. The Gross Tangible Asset valuation I made before could be changed like this to a rough Net Valuation using the pointers Mike gave us. 50.5 bcf of gas reduced by 30% = 35.4 bcf the gas price stated has been 2.3 thou cf and that was verified by a poster, deduct .30 per thou cf for the expenses. 35.4 bcf x $2.00 thou cf = $70,800,000 $70,800,000 - 1/8th royalties = $61,950,000 $61,950,000 ö 123,500,000 shares = $.50 per share rough Net Tangible Asset value. That's a lot more than the nickel it's selling at and the .33 average I currently am in at. That's why I can still get up a little enthusiasm, very little though. If the wells are all hooked up as the company has said they will be we may still be in the game. If not, hat's off to the mad dogs of the thread. <g> Bob