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

To: Kerm Yerman who wrote (4977)	4/19/1998 10:32:00 PM
From: Ron Jones	Respond to of 24920

Hi Kerm, I'd appreciate your comments re the big hit PTS took last week. Do you think it might be oversold as a result, or do you think we might see lower levels, considering the 2nd quarter, according to them, is usually their weakest? What kind of recovery, if any, can you see for them by year end and early 98? I guess they just had too good a year in 1997......a hard act to follow. They seem to be too solid a company to just fade away. Also, I noticed you added Bonavista Petroleum to your speculative list. Could you briefly outline your reasons for doing so now instead of last year when the stock had it's first big run up? One more. I see at the same time you added BNP you removed Granger. A short comment re your reasons would be appreciated. I know they're heavily leveraged to oil and have invited takeover offers etc., but do you think there might be some hope for them when oil prices strengthen again? Many thanks in advance. Ron

To: Kerm Yerman who wrote (4977)	4/21/1998 10:45:00 PM
From: Scott Mc	Respond to of 24920

Easy and Cheap way to hedge Oil on the downside? Kerm or anyone, I'm finding so many cheap little oil companies that I'm tempted to buy, have too many already, however if there was an easy way to hedge oil on the downside I feel it would be a great way to make money. Buy 10 or so cheap oils, hedge oil on the downside and wait for some of the little oils to grow. Anyone? Scott

To: Kerm Yerman who wrote (4977)	4/22/1998 5:57:00 PM
From: SofaSpud	Read Replies (3) \| Respond to of 24920

Kerm / Centurion (T.CUX -- $0.77) I know this company has come up from time to time in the past, but I can't recall if you ever looked at it. A friend asked me to take a look because he's been holding the shares forever and has only had the pleasure of seeing them drop. Couldn't find Q4 results on the web, so I called the CFO. Details remain sketchy until they release the YE figs, but scratching the surface, the story looks interesting: - Production, with the tie-in of the field announced April 6, was 4,100 b/d; - Company's CF est. for 1998 using $16 WTI is 23 cents; for 1999 is 44 cents, fully diluted - The only debt is the recently-completed convertible debenture, for U.S.$6.5 million - Acreage is 1.2 million net acres in Tunisia and Egypt; - NAV on a P4 basis is $2.00. The only negative that immediately jumps out at me is the share float -- 44.2 million basic, 64.9 million fd. They have ruled out a consolidation for the time being, as they just had one when Eagle and Leader merged. Well, two, I guess, if you consider being in North Africa a negative -- certainly harder to get good info. from there. If you have any thoughts, I'd certainly be interested.