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Non-Tech : Abraxas Petroleum (AXAS) -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (40)	6/10/1999 1:46:00 PM
From: Area51	Read Replies (1) \| Respond to of 67

Thanks for bringing this to my attention. Based on 1Q cash flow, a price of $8 per share would seem entirely possible (assuming one believes that these cash flows are sustainable indefinitely). Before I get in too deep, I would be interested in how you calculated a real book value of $16 per share versus the stated book value of negative $10 per share. Negatives that I noted were the possible NASDAQ delisting, and of course the high LT debt of more than $50 per share. Between these two there is certainly the possibility of negative investment returns here. But I'll risk 100% to get possible returns of 400% plus. Good Luck, Garry