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Gold/Mining/Energy : International Rochester Energy Corp. (T. ROH) -- Ignore unavailable to you. Want to Upgrade?

To: Casey who wrote (827)	5/10/1999 12:15:00 AM
From: Ron Struthers	Respond to of 934

Casey, one way you could look at is to assume HEC stock is converted around today's price and just wipe the $6 mill from the notes off the top and ROH is still less than this breakup value. The deal, once approved will also immediately free up ROH's $1.4 M to pursue other opportunity and as Ed mentioned they are plentuful. By holding HEC stock, in the meantime ROH particapates in any of HECs success and in the oil price (up and down). Of course the best thing would be for HEC stock to go up and ROH get $3 or more and ROH move above $1.50 and convert the debenture. There is lots of time that will give Trickett a chance to go to work Ron