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  • Eye on Energy: Specialized Technology Stock Picks [View article]
    Notes from the Ira Sohn dinner in May on HLX. The notes were taken in real time, and may contain transcription errors:

    <blockquote><... Einhorn- Greenlight Capital</strong>

    Long- HLX-Helix Energy Solutions.

    He believes HLX has suffered from investor disappointment following its acquisition of Remington Oil &amp; Gas. The company’s original investor base gave up. The acquisition originally appeared to be a bust after the first to Remington holes drilled were dry. Since then they have hit 14 successful holes in 2006-2007.

    Prospects:

    40% additional proved reserves to 600bcf.
    Estimated $1Billion in EBITDA-for 2007, approximately$3.50 per share.
    Estimated $1.4Billion in EBITDA-for 2008, approximately $5.00 per share.
    Estimated $7.00 per share earnings for 2009.
    While high the company’s $1billion in capex is leading to a solid IRR.
    Possible but not necessary share repurchase.
    No commodity hedging.
    </blockquote>
    Jul 20 06:41 am |Rating: 0 0 |Link to Comment
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