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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (190)	5/15/1999 3:09:00 PM
From: Mark	Read Replies (1) \| Respond to of 318

Robert - I can't fault your logic on Miller, and actually took a small position at $1 7/16, on the basis that I think your arguments hold water. (Particularly that the Miller familly are so close to things that they are unlikely to let it go under). As a highly-geared recovery play I think it still makes sense even at the current price. However, I will repeat the question that I posted over at Yahoo - i.e. what do you think is the likelihood of a dilution arising out of the current refinancing exercise? (FWIW - I suspect that the high levels of holding by the Millers preclude a significant dilution, unless they can find a way to preferentially inject the cash and take a pro-rata interest in any new equity - thereby avoiding any dillution to their interests, but possibly hurting other longs). What do you think ? Mark

To: Robert T. Quasius who wrote (190)	5/15/1999 9:41:00 PM
From: r.edwards	Read Replies (2) \| Respond to of 318

I agree, see my post #164 and #173, I,m accumulating MEXP now ,and CRK, their both liked by an oil analyst I follow.

To: Robert T. Quasius who wrote (190)	5/16/1999 7:14:00 PM
From: cherrypitter	Read Replies (1) \| Respond to of 318

Robert; I concur with your analysis of MEXP. However there are some things in the 10Q that cause me mild concern. The $3.1 mil. sale of assets and $1 mil. sale of a working interest of certain assets to an "affiliated party" is curious. Is that a reference to the Millers or other insiders and why not identify them? The Millers and others were to pony up a total of $6mil. by the end of May. Do we assume they are coming up $1.9 mil short? Also no mention of any sucess as yet of any possible recapitalization as was being explored with the hiring, on 15 March, of Raymond James and Associates. Seems all these micro-cap E&P's have struggled with low product price and huge impairment charges in '98. If MEXP is sucessful in meeting its short term obligations, it should be well positioned to take advantage of the nat.gas shortfall that we all seem to agree is upon us. Regards, Rich