Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Thean who wrote (7460)	1/10/1998 9:17:00 AM
From: John S. Sturges	Read Replies (2) of 95453

Good group of questions to ask, my point of view for what its worth is longer term. Yesterday appeared to be an all out panic. I'm a value buyer, I love panics and was buying HEC at $6 1/8. Longer term what E.Hvide stated in his shareholder letter(HMAR) is what I believe. We have gone years without much discovery and only now realize how little equipment we have to do the job just to keep up with demand or the personell. I buy small E&P companies because if they have the concessions and the management teams then any discovery can increase the values by 10X. You can't do that with XON. On the latest pull back significant insider buying occurred in the smaller cap. oil cos. Insider activity is also a very useful guide as long as you the who has shown savvy in the past. For traders I believe you can buy now. It is best to buy when investors are throwing everything out the window without selection. But I am not a trader. I want longer term gains 2-5yrs where I won't have to sell or pay taxes, yet see potential for 20% cmpd annual gains. Best regards, John

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