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

To: mike smith who wrote (6348)	4/29/1999 8:09:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24892

ALL / NOTICE If you have requested free issues of my newsletter and have yet to hear from me, please make the request again via e-mail. I discovered I had made a processing error and lost a few new inquire's addresses. korner@borg.com

To: mike smith who wrote (6348)	4/29/1999 4:55:00 PM
From: Yarek Szolomicki	Read Replies (1) \| Respond to of 24892

RE: gassy juniors, check out RCP

To: mike smith who wrote (6348)	4/29/1999 5:48:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 24892

Mike / Gassy cos. I don't know where you cut them off -- if they have to be more than half gas or what. If 45% of production is too low, ignore this suggestion. If not, check out Post Energy (PSN-T). Held up very well through the carnage, probably because the balance sheet stayed pretty clean. Super record on finding costs (under $4 on a proven plus half basis). CFPS increased a bit, and EPS was steady (and positive!) in '98. I understand that there is some optimism around about this year's prospects, moreso now that prices might be better. Worth a look. And yes, I have a position. 1998 results: fin-info.com

To: mike smith who wrote (6348)	4/29/1999 9:32:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 24892

Mike, One gassy stock I am familiar with and in my portfolio is Scorpion Energy -SEN on tse.This micro cap stock is suffering from a lack of liquidity and board/management conflicts,the nature of which I am not familiar with ,but despite having a net asset value of $1.75 and currently producing 1300 boe (85% gas) and flowing decent cash flow stock is trading at 50cents and perhaps headed lower.Less than 10 million shares fully diluted and $7 million of debt.They tied in a well at Brazeau in January that is capable of producing 10 million cubic ft a day but because of lack of capacity at Petro Canada's gas plant they can only flow it at 5 million cubic ft.They have a 78% interest in this well but this is in dispute with Circle Energy.Technical difficulties are preventing them producing from another well which would net them another 150 boe.They are still working on that problem.Scorpion took over Midas Resources last year. Westlinks have pegged a value of $1.50 on Scorpion. I would appreciate anybody who is familiar with this company to give me their opinions about this company. One more issue that is causing uncertainty is they are shopping the company around for a possible merger. Anyhow it looks like a bargain but WDIK? Best Regards, Richard

To: mike smith who wrote (6348)	4/30/1999 2:37:00 AM
From: Richard Saunders	Read Replies (2) \| Respond to of 24892

Mike - appreciate the fundamental detail you're working thru. One little co. that I tagged a while ago to possibly look at after receipt of annual/1Q reports was Southward Energy (SWN-tse). To date haven't really gotten around to decent number crunching but notice co. based '99 budget on $13WTI. Last yr. co. avg'd. 848 boepd with 73% gas bias. Co. lost money primarily due to writedown of $1.5mil. Cashflow for '98 was $2.8mil or $0.23/share. Debt was approx. 1.5x CF Co. has been around for quite a while although there's a new mgmt. group in place and has been setting direction for just over a year. Mcdaniels did the asset valuation and at '98 yr. end 12% discounted n.a.v. was $1.11/share based on just under 13mil shares. More work re: forward-think assumptions needs to be done however the stock seems to be in the $0.60 - $0.70 range. Personally unaware of any estimates but purely based on yr. end position and current mgmt. bunch possibly the co. may fit into the type you were looking for. I don't currently have a position although did own some shares in the situation about 5 yrs. ago at approx. 3x higher than current pricing......... Happy hunting.