Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: ItsAllCyclical who wrote (49731)	8/23/1999 1:16:00 PM
From: ItsAllCyclical	Read Replies (2) of 95453

Full text on XTO upgrade... Monday August 23, 10:20 am Eastern Time RESEARCH ALERT - Cross Timbers Oil raised to buy NEW YORK, Aug 23 (Reuters) - Lehman Brothers said Monday that it raised Cross Timbers Oil Co. (NYSE:XTO - news) to a buy rating from outperform. -- Said it upped Cross Timbers based on its valuation and its belief that the company can benefit greatly from the exploitation of its vast onshore natural gas holdings. -- The brokerage wrote in a report: ``Over the past two years, the company has acquired about 1,016 bcfe of new producing properties which equates to 125% of its 1996 reserve base. We believe XTO can add reserves of up to 500+ Bcfe over the next 2-3 years at finding costs of b/w $0.65-0.75/mcfe; one of the lowest cost structures in the industry.'

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