Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ramsey Su who wrote (36415)	7/23/2003 2:39:44 PM
From: energyplay	Read Replies (1) of 74559

Hi Ramsey - I trimmed down most of my NG E&P plays, and added more TMR on the basis of their recent wells. E&Ps - TMR, KCS, PLLL TMR Q1 production was about 67 mmcf/day Current production is > 100 mmcf/day, and is expected to increase. Adding wells producing 15 and 30 mmcf/day helps ;-) TMR is now over 10% of NAV across all accounts. Way too much... Have a little KCS in taxable accounts. Bought some PLLL on the basis of price behaviour, it's acting strong while he market struggles. Sold some CWEI at a profit to buy a utility stock, RRI. Trimmed back on royalty trusts, but bought some Paramont PMT.un after the hit over the tar sands issue.Bought some BPT, as this is almost 100% oil, which may not be commnig down for a while. Currently have - AVN advantage NCN PMT paramount All in taxable accounts where I am earning interest on the taxes I would pay on my gains. Watching the royalty trust prices to consider big buys once prices come down about 10-20 % more. ************ Price of NG has dropped under $5.00 due to more production an cool summer. This is still a great price. Stock prices seem to be expecting that NG prices will go back to about $3.50 or less. It appears the rig count is not rising as strongly as it was two months ago. There was a switch back to natural gas from oil as the price of oil stayed up and NG dropped. THis si the reaso nfor the lower storage build numbers you can see att www.highlandenergy.com. I think we have seen a secular step up in natural gas prices which will persist for years. The market still see this mostly as a cycle, and has brought prices down. I'm waiting for slightly better prices.

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