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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: KC Jones who wrote (5489)	10/14/1998 10:41:00 PM
From: Ronald P. Margraf Sr.	Respond to of 24925

Hi K.C. It might be because the price of oil is down. Closed today @ 14.05/b. Ron

To: KC Jones who wrote (5489)	10/15/1998 2:49:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24925

KC / Carmanah Resources Yup, Carmanah was one of my international junior ventures. Basically, I did dump my shares to cut losses and to refocus on a smaller group of companies. The company has had a two year period of drilling delays due to unavailability of an offshore rig. I believe this will continue to be a problem - along with a need to establish positive cash flow, which should be the case at this point in time. Camar has been a dragged out affair also - due to technical problems. Adding to their miseries, the unsuccessful well at Natuna really hurt the shares of the company - for focus on their activities was in this area. I still believe Carmanah offers true value. However, they must get their act together and present investors with a continuous active exploration and development program. The move for activity in Venezuela is a step in the right direction. But lo and behold, they are experiencing problems there also. It is apparent to me that Carmanah has a good foundation, but has been unable to build upon it. They are good at taking the initial steps in locating and acquiring acreage. They are poor in the follow-up steps in providing required activity on the acreage. The industry is hot on the theater of operations where Carmanah is involved. Management should eliminate their ego status and bring on a proven operator with financial means and the clout to assure continuous activity. Yes, they will have to give up something for structuring the deal - but why not. It would be worth gaining the day to day experience required to successfully carry out projects and they can take advantage of that down the road in terms of time. You don't have to be a genius to figure out who to talk to. U.S. majors are active there and then there are the Canadian's, such as Gulf Indonesia and Talisman. They must raise their standards and look to the bigger players for joint venturing. There I go again, just rambling on and on. Anyways, they are finding themselves in a crunch period - cash flow crunch - that is. I don't see any cost extensive activity for the balance of the year. This, along with the low oil pricing environment will hold shares at low prices. The solution for them is as I mentioned before, continuous and successful planning of operations activity. This objective must come with a strong operator/joint venture partner. It will happen, but not until Carmanah's management really realizes that it is in their best interests to take this route. Just one person's opinion