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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Richard Saunders who wrote (4340)12/24/1997 3:37:00 PM
From: Craig C  Read Replies (1) of 24936
 
Richard \ Drillers - the market knocked down the drillers and service companies prior to the oil\gas companies being hit. I would think alot of people made big profits in the drillers and sold them off, except the buyers were seeing the price of oil/gas falling and figuring that the number of wells drilled will slow down because of a possible cashflow reduction. Alot of the demand for rigs has been reduced by the big operators (RNS,PCP ect) they are still utilizing rigs but not as many as last winter. I think this is were the small oil\gas companies can come in and pickup a rig much easier this winter. If the muskeg doen't freeze up north look for a possible surplus of rigs available unless the rigs are moved to the south. Just a thought , if one wants to play this area maybe better off with a service comp. rather than a driller. Merry Xmas and let the winter begin !
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