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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (54393)11/11/1999 1:26:00 AM
From: A. Geiche   of 95453
 
RRC - 3Q mess:

"Commenting on the result, John H. Pinkerton, Range's President and CEO, said, "We believe the third quarter represented the turning point in reestablishing Range's financial flexibility. The asset dispositions and the Appalachian joint venture cut our exposure to
recourse bank debt by 60%. We expect to further reduce debt by high grading our asset base through additional disposition. With higher commodity prices, an increasingly successful capital program and IPF returning to profitability, we are generating healthy cash flow. A portion of that cash flow will be used to reduce debt. Unfortunately, our production has declined as we have deleveraged. However, our focus has been on maintaining net asset value per share an positioning ourselves to return the Company to growth and profitability. We are convinced that the difficult steps taken in 1999 will bear fruit in 2000 and beyond.""

So.. Slider's nose was right: RRC IS a potential gem..
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