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

To: James Strauss who wrote (637)	4/26/1998 12:24:00 AM
From: Saracen	Read Replies (3) \| Respond to of 1261

It scares me when I see Dan Dorfman and Tracer together on the same thread. Dorfman said the Ngurit reserves were worth $20 per share? That must have been long before I became a shareholder. The last time I heard Dorfman talk like that was a few years ago when he was hyping XCL, saying that Alan Gaines (name sound familiar?) estimated that a discovery in the Bohai Bay, China, was worth $10 per share to XCL. I think that XCL's share price was around $0.50 at the time - it then immediately shot to about $1.50 on big volume, and then sank to about $1/8 to ultimately succumb to a huge reverse split. If I had been a Tracer shareholder when Dorfman was touting reserves worth $20 per share, I would have very happily sold my shares during the run up, and then gone short. Dorfman was very dangerous! Tracer needs to find some legitimate backers, putting out legitimate research coverage. As to the Ngurit gas reserves, IMO, they are worth very little. Being in the middle of nowhere in Kalimantan, with no infrastructure to my knowledge to move the gas, these reserves might as well be on the moon. Sorry to be a cynic, but that's my opinion. I think that Tracer desperately needs to bring in other major projects, oil and/or gas, in Indonesia and elsewhere, if management really wants to kick-start the company.