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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: Saracen who wrote (610)	4/24/1998 2:13:00 PM
From: P_Dalton	Read Replies (3) \| Respond to of 1261

I'll respond to the management part of your question first. I'll have to do some research on the other. You didn't refer to just who in management you are in doubt of, so let me share my thoughts on this. C.O.B., Peter Viggers comes to mind. As I have not as yet received my proxies for my shares, (holdings are in street names) I do not know just how many shares of Tracer Petroleum is owned by Mr Viggers. In the May 14, 1996 information circular sent out with the notice of gen annual meeting, Mr. Viggers owned "nil". I believe last year it was 5,000 shares. Perhaps someone who has received their information which I believe was sent by the company on the 17th could enlighten me. To me, this doesn't set well at all. The C.O.B. IS NOT sending a very good message to shareholders by not putting his money into this company. Why? With his position as a member of parliament and his sphere of influence, he has been almost invisible. Why? He has held this position over 2 years. He was responsible for bringing S. Jacobs to Tracer and he did make a trip to Jakarta a month or two ago which didn't seem to bear fruit, but other than that, what? I think management has a responsible not only to the shareholders, but to also put themselves on the line moneywise like the rest of us have done! If your talking about Steve Jacobs, forget it. Without him, this companies going nowhere. No opinion on the rest at this time, have you?

To: Saracen who wrote (610)	4/24/1998 4:19:00 PM
From: P_Dalton	Read Replies (1) \| Respond to of 1261

I concur with you on Gaines Berland, but I would also lump First Marathon or Gordon Capital in Canada into the same catagory. As you know, Tracer is working on a small project which consists of 3 producing blocks. This is NOT a project for Goldman Sachs or Morgan Stanley, but IS something that after the rollback, CIBC, Oppenheimer or Howard Weil would/could get involved in. Once the small producing properties have been secured and financed, the next step is to secure a medium to larger producing block. This is something at that time which Goldman Sachs or Morgan Stanley would/could get involved with. After that, larger properties would become easier. I do believe that current management has the contacts, but to many low cost shares to be attractive. This is what the rollback is all about in their case. IMHO