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Microcap & Penny Stocks : GW GREY WOLF

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To: jim p. holcomb who wrote (122)	12/29/1997 10:44:00 AM
From: Mr. Energy	of 444

Jim- I spent some time over the past two years looking at the land drilling industry after I saw what happened to offshore drilling stocks. My personal opinion on the industry right now is that we are far from reaching replacement pricing for land rigs, which should constrain supply for some time. Meanwhile the demand from international markets, especially Latin America should pull equipment out of the U.S., further tightening the supply/demand balance for rigs. With this backdrop, I felt GW with its significant exposure to the deep rigs was the best way to play the cycle. Anyway, this is just my opinion.

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