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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies -- Ignore unavailable to you. Want to Upgrade?

To: PuddleGlum who wrote (31)	8/16/1998 11:17:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 318

Callon petroleum/CPE cont. The incredibly high short interest is what attracted me - with a 50 year family run history and a clean balance sheet - this seems to be one of those ''out of synch'' scenarios to exploit. I'm just wondering if 1 major trader has this huge positions & knows something; or if it is some type of hedge against a (convertible) preferred issue etc. - as in short the common & long the preferred. ? - but I don't see any - or a reason for it to be a hedge/arb play ? With their earnings expected to double into 1999 and low bookvalue - the play off of this short interest on any big move in crude off of good OPEC cut #'s or a Middle East crisis etc. could be a dramatic little run up... let alone if they would do any type of a buyback - which would allmost take them private ???