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Microcap & Penny Stocks : Kelly Oil (KOGC)
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To: oilstks who wrote (26)6/11/1998 9:34:00 PM
From: wolfdog2  Read Replies (2) of 50
 
Tom, I was at the annual meeting as well. I was impressed at how uninspiring the company's prospects were without SCANA. But the SCANA properties could really pay off. The gas exploration and production companies all seem to be going down the tubes, which I find somewhat confusing. Gas prices themselves seem to have held up rather well, so one would think that these companies would be clobbered. But clobbered they have been. KOGC is almost back to its low of last winter. Also drilling day rates falling should also be a plus. After all with day rates down, Kelly can do more drilling for the same dollar outlay. If I weren't already over-committed in this stock, I think I would pick up more.

One last note, the drilling in the SCANA properties is going to be more risky than the current holes they are sinking. So I don't think we can expect anything like the current success rate.
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