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Microcap & Penny Stocks : ARXA International (ARXA): Rapid Expansion imminent!!!!!! -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Clarke who wrote (371)	11/5/1998 5:36:00 AM
From: Edward M. Zettlemoyer	Read Replies (1) \| Respond to of 508

Kevin, Right now based on a cash flow of $439,200 from the Vesley #1, London Jin CN.Cook #4, J.C. Lewis #5 and Lewis #4 wells I get a rough valuation of .668 a share assuming 4.6 million shares outstanding. The Lewis Ranch interest has development potential of 1 billion cubic feet of gas. This translates to an additional $3.65 value per share, but remember this is potential and hasn't happened yet. Also the question of how this development will be financed has yet to be answered. Any stock dilution and loan interest will weigh against the price. Right now I'm on the sidelines until the financing is on the table. Future acquisitions could prove interesting. Ed