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

To: Goldberry who wrote (5052)	5/6/1998 12:04:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24921

Graham / Barrington Pete Barrington is a company I really liked, but lost patience in holding shares of the company. I think 1998 will require more patience. Cash flow anticipated in 98 is flat with 97. Natural gas production will increase about 40% and Liquids will fall about 17%. Overall, BOE production will increase about 18%. Production split will be 75% gas & 25% liquids by year end. Are shares undervalued? Used to be, but I don't think so anymore. Net asset value per share has fallen from 1996 to 1997. Year end 1996 NAV was pegged at $4.51. I don't know the new number -- but from a dollar viewpoint, it is now less 7% compared to 1996 and there are more shares outstanding. Debt has been a weight holding share price back in the past. I have noted a price target in my records of $5.60. This was based upon a multiple of 5.0X estimate 1999 cash flow come next March/April. I believe the multiple is a fair estimate given the debt load and flat results which will be reported in that time frame. Longer term is more positive. Keep in mind, just one man's opinion - this time it was mine.