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

To: SofaSpud who wrote (4992)	4/22/1998 6:26:00 PM
From: Scott Mc	Read Replies (2) \| Respond to of 24918

David, details on the convert, I feel the terms are extremely favorable for the debenture holders, a concern I would have here with the debentures convertible at less than the share price would be that whoever gets the debentures shorts the stock 100%, they pull out cash, receive interest and have ZERO risk, a good income, with NO MONEY down. Scott Canadian Company Press Releaseÿ CUXÿÿ1998-03-30 ÿÿ(provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Centurion Closes Private Placement of Convertible Notes CALGARY, ALBERTA--Centurion announces that it has closed a private placement of U.S.$6,500,000 of 8 percent convertible notes (the "Notes"). The Notes have a term of two years from March 26,1998, bear interest on the principal amount of the Notes at the rate of 8 percent per annum and are convertible, at the option of the holder into the common shares of the Corporation at a conversion price of U.S.$0.47 until March 26, 1999 and U.S.$0.52 until March 26, 2000. Based on the current exchange rate, the conversion prices, expressed in Canadian funds are approximately $0.67 and $0.74 respectively. The Notes are general obligation notes and are unsecured. A maximum of 13,829,787 common shares of the Corporation are issuable pursuant to the conversion of the Notes.

To: SofaSpud who wrote (4992)	4/22/1998 11:45:00 PM
From: TheMajor	Respond to of 24918

David/CUX Bought it as Leader, held it through name change and consolidation, and sold it. Great at tax loss time but not what I had in mind when I bought it! Despite warm words from CFO, nothing positive ever happened to the share price. To me, it's a loser. Just like Maxx. Anecdotal but may be worth putting into the hopper along with other observations. Kind regards TM

To: SofaSpud who wrote (4992)	4/23/1998 12:47:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 24918

David / Centurion I have never looked into the company and just for the identical reasons you mention. North Africa is not one of my favorite areas. The cash flow numbers you mention are decent for this type of operation at this point in time -- if they are based upon the 65 mil. fully diluted shares outstanding. David, I have a hard time determining if an international junior oil may be a good investment. It's not the analysis - rather the weighing of whether a play like this one is better than a domestic junior whom one can monitor very closely. There are some still good valued domestic plays. As example, I just received the annual report of Upton Resources and despite the considerable drop in share price - would appear to be a great investment at current share price. To begin, share price is at a good discount to net asset value. Land holdings are good with great holdings in bread and butter properties and other acreage with high impact potential. Shares outstanding is something in order of 16 mil. The company is forecasting an increase in annual production amounting to a total of 5500 bbl's/d - and that is ultra conservative in estimation as it is based only upon developement drilling. The company is already averaging 5300 bbl's/d. The only two negatives as I see it are (1) Short Term Reserve Life and (2) they are a dominant oil producer. There are others like Upton. Compare the two. They are comparable from a market cap. viewpoint. For me, it's a no brainer -- a decision based upon the known and unknown; The Williston Basin versus Tunesia/Egypt; value versus speculation. There are more advantages/disadvantages, but these stand out to me. As always, just one man's opinion - this time it was mine.