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Strategies & Market Trends : AMIGOS INVITATIONAL YEEHAW PORTFOLIO

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To: Sergio H who wrote (836)	8/2/1999 10:00:00 AM
From: Ditchdigger	Read Replies (1) of 1316

Sergio,a few more musings on CHK from the second Q PR and conference call: givens- 1) average sale price of NG was $1.88 per cmf in Q2 2)for every $.10 increase in the price of gas CHK's annual earnings and cash flow increase by approximately $0.10 per share and net asset value increases by approximately $0.50 per share. 3) there are no current hedges on gas and won't be in 99 4)info---july gas averaged $2.30 per cmf 5) cash flow from operations was $.34 per share for Q2 Now, if we use the July $2.30 number for the average mcf price in Q3, we have an increase of $.42 per mcf over Q2 (remember we aren't hedged,so we mimic the quote).. .42/4Q's=10.5 cents increase in cash flow over Q2 for Q3..about a 30% increase Q over Q I must be missing something<g>..;^)DD PS: obviously this estimate is based on an average gas price of $2.30 mcf

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