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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera! -- Ignore unavailable to you. Want to Upgrade?

To: Terry Lyon who wrote (4302)	8/16/1998 9:27:00 AM
From: Sidney Reilly	Respond to of 4736

Terry, That's true and the press release stated they bought off the leans on the wells so they had to have used that money to do that. Whatever was left is being burned to pay for daily operation so IMO there is no more to use for the new drilling that they stated they would start on July 15th. Of course that did not happen and now we are a month past that date. The 700K was not free either and I'm sure at the time the lender did not take stock for the money and it could not have been a loan. That would be foolish. So they had to have been given an interest in the wells. That's all NAE has of value to get financing with. The drilling co. some how seems to have an interest in the wells also and add the land owners. After all that then what's left for NAE and after they burn that on day to day expenses what are they going to drill new wells with? They have to sell more stock! And they can't do that until this split process is done. So it's several months at least before anything can happen with Ne gas field. Now what about UPR deal? No money to open those wells? The UPR\Praxair helium plant is nearing completion now but NAE can't start the drilling program there if they are broke again. They will lose the deal because they can't play. UPR/Praxair can't wait for NAE, they will get someone else. If this is not the case the company should tell us. I have to assume that their silence is because the news is not good. Bob