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I tend to agree that PennzEnergy is undervalued. They recently have entered into a joint venture in Venezuala for oil exploration. They were a profitibale division of Penzoil prior to being spun off. The WSJ mentioned yesterday that PZE bonds were a good contrarian buy. Rising oil prices should boost the stock. But, the bigger picture here is that one of the major oil companies will probably snatch the company up within a couple of years.
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