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Microcap & Penny Stocks : GW GREY WOLF

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To: Mr. Energy who wrote (117)	12/22/1997 6:10:00 PM
From: jim p. holcomb	Read Replies (2) of 444

Mr. Energy, Thanks for your input. I had a long talk with Scott O'Keefe the chief financial officer at Grey Wolf today. He stated "Insiders did not sell 90 million shares". That was a shelf registration for the private placements to get the financing to buy Grey Wolf Drilling and some other drillers. It, in effect, now let's the private placement people trade their shares on the open market. He expects the fiscal '97 earnings to make the .07 cent expectation. They can and might issue 10 million shares in feburary '98 to pay for the most recent acquisition of the driller located in Shreveport, that I mentioned on this thread last week. This seems to be a done deal. I inquired about the acquisition of other independent drillers, such as NORTON Drilling co. out of Lubbock and it is not in their plans. Some drillers have good equipment and equipment that can drill 10,000- 20,000 ft. and this is what GW is concentrationg on. I feel there will be a bounce after or near earnings report time; however I don't see a return to 8-9 anytime soon. Jim.

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