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To: Brett Fleischman who wrote (898)	6/8/1998 8:21:00 PM
From: Bobby Berry	Respond to of 2849

I plan on sticking this one out for the long haul myself, all the good news lately a person would have to be a fool, or need the money to get out so soon, IMO.

To: Brett Fleischman who wrote (898)	6/8/1998 8:36:00 PM
From: jmt	Read Replies (2) \| Respond to of 2849

Talked to George this afternoon and he faxed the 1997 Financials. He also confirmed about 70M shares outstanding. (AQ Acquisition cost about 20M rather than 25). I have been reading these posts and would like to clarify some info. An older post stated 1997 Net income of $5M. Not true. Actually loss in 1997. They got it confused with net worth. Big difference. No mineral rights with the property they are selling. Just some sort of access advantage. I would guess if the price gets to high the bidder could find other options. No debt to speak of. This provides for financial flexability. One of the old press releases says after acquisitions the company has $50M in revenue and is profitable. With a 10% profit margin were are at net income of $5M, or .07 cents per share. This provides for a 11x price/earnings multiple which is reasonable. If they use the proceeds of the land sale to repurchase stock, they could repurchase 15M shares, bringing the P/E down to about 7x. This is a good price providing the Net Income of $5M is achieved. If the land deal is real and the company can execute, I could see this stock trading at over 15x earnings, or about $1.35. This is just my opinion and based on the earnings assumptions above. I also think this price could be achieved slow and steady without any hype and rumored news. jmt