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Microcap & Penny Stocks : GW GREY WOLF

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To: jim p. holcomb who wrote (149)	1/14/1998 5:27:00 PM
From: Mr. Energy	of 444

Jim, You have a very valid point and I do not have an answer except to say that everyone investing in this sector better have an opinion on commodity prices. If oil goes to $12-14, there is no doubt these companies will have a problem. That being said, while I am not bullish on oil per se, I do think that we will get back to a normal range of $18-20 later on this year. Consider 1)inventories are still below their five year average 2)Saudi Arabia may get proactive should oil remain weak. Keep in mind that their goverment budget is dependent on healthy oil markets 3)Almost 10% of Gulf Coast refining capacity will be shut down at the end of the first quarter for scheduled maintenance, which should help firm up pricing. 4)the outright unpredicatability of the oil markets. Mobil has a rupture in a Nigerian oil pipeline which will shut down 100,000 bbl/day for the next month. Then again I could be wrong and oil is going to $12.

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