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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: AL R who wrote (4407)	1/6/1998 3:33:00 PM
From: Richard Saunders	Read Replies (1) of 24927

AL/ Glad you picked up on the one week drop of rigs for week ended Jan. 2. I too blinked when I saw the "down 125" however put it aside to check out in a week's time. You mentioned impact of warm weather on winter access locations - one situation I've been monitoring is dependent upon ice-bridge access and it would seem they've been delayed by approx. 1 month. Drilling was expected to commence Dec. 15 but is now estimated to commence Jan. 17. As you point out, this may have contributed to lower utilizations on some of the soggy areas. Cold weather has since returned with a vengence and I'm sure most areas have been solidly frozen in for winter programs. The other reason re: lower rig use may be the Christmas break. The week surveyed included Christmas Day and it's purely a hunch but I suspect a bunch of rig workers were busy playing Santa Claus with their families or taking some quick R&R time on some Mexican beaches. It will be interesting (imo) to watch the numbers that appear for the next couple of weeks..........

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