Value Microcaps Motherboard

[Bobwins]

bbotcs..re CPE. I would maintain that they need to increase reserves as well as dodge the hurricane bullet. Their reserves declined last yr. They haven't announced any major finds in the Gulf, which they need to offset normal depletion. The hurricane problems are also going to delay drilling and new finds in the Gulf.

I would be careful. The one positive I would note is that some of their hideous hedges will drop off.

Bobwins