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

To: Zencone who wrote (694)	5/11/1998 12:06:00 AM
From: Saracen	Read Replies (1) \| Respond to of 1261

I think that most of the shareholders have come to the conclusion that a reverse-split is a "necessary evil" - without it, Tracer loses the NASDAQ listing, and, IMO, also loses the ability to raise any significant capital. You seem to think that by simply finding oil, Tracer will be able to raise more capital. The problem with your thinking is that Tracer does not have enough cash as is to do any significant drilling whatsoever. In fact, I think that they have just enough cash to drill one well, and if I am not mistaken, they are planning to drill another gas well on the North Tanjung block (which would be a long ways from cash flow) before they do anything else. To do anything new and significant, which will require new capital, Tracer MUST retain its NASDAQ listing. IMHO. (P.S. I have no idea what Dan Dorfman is doing - and I don't care.)