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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Bat Man who wrote (3940)	10/12/1997 3:34:00 AM
From: Kerm Yerman	of 24935

Elmer / NQL Drilling Tools NQL designs, manufactures and supplies downhole drilling tools and services relating to the O & G industry, as well for the trencless construction, utility and river crossing, mining and environmental industries on a worldwide basis. Additional disrtribution centres and the growth of its downhole tool fleet resulted in increased earnngs in the 3rd quarter of the company. Earnings for the 9 month period ending May were 44% higher than the same period a year ago. I do not have any forecast of earnings for the company but I suspect that they are good due to the current/future high level of drilling activity. One fact that I can pass on to you, shares of drilling service companies are selling at an aveage p/e multiple of 20.4X estimate 1997 earnings per share and 16.3X 1998 estimate earnings per share.

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