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Gold/Mining/Energy : PACIFIC RANGER PETROLEUM (PAI.a) -- Ignore unavailable to you. Want to Upgrade?

To: Baywall who wrote (5)	9/5/1998 11:59:00 AM
From: Baywall	Respond to of 6

Addendum: Cash flow from OPERATIONS over past 3Q: $87,166 $100,474 $72,033 Cash account can be filled by the collection of the large A/R account. Exactly what was involved in C of GS or how much is currently being spent on R&D for future profit generation is unclear. Thus quarterly profits, even though showing a decline, could be sacrificed for increased flows in future. Current manufacturing may require extra consultants and work to design and build new/improved products. On the revenue side, competitive forces may force lower bids, thus negatively impact net profit. As for revenues attributed to COMPACT, I don't have their previous years' results to compare with. Suitability of prices paid for COMPACT and Sunstone, or whether debt financing was the best route at this stage, is beyond my scope. The sell-off which started Nov./97 was about the same time the 1st quarter results and details of acquisitions were released. Nothing exceptional for this stock at the moment. Favourable TA probably was in response to Mr. Stewart being appointed. Others may know the firm he worked for and built up in large part, thus have a better insight into his capabilities. Successful first stage field testing of the new R&D product is encouraging. Marketing trips to the Middle East were successful. However, until evidence of profits from the above occur, I will wait before investing further. LVL