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: hdrjr who wrote (55286)	11/23/1999 12:25:00 PM
From: Razorbak	Read Replies (2) of 95453

hdrjr Re: OEI The following excerpt came from the last Q... ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS. The Company has entered into various derivative financial instruments for its oil and gas production for the years 1999-2000. See Note 4 to the Company's financial statements for a discussion of hedging activities during the third quarter of 1999. It is estimated based upon quoted prices at September 30, 1999, the potential effect of the derivative contracts during the fourth quarter of 1999 is an approximate $17 million net decrease in revenues and is an approximate $3 million net decrease in revenues during the year 2000. Assuming a 10% increase in oil and gas prices, the potential loss from the derivatives contracts would be increased $6 million for the fourth quarter of 1999 and $12 million for the year 2000. Assuming a 10% decrease in oil and gas prices, this potential effect of the derivatives contracts would be reduced by $6 million for the fourth quarter of 1999 and would result in an increase in revenues of $3 million for the year 2000. Razor

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