GW GREY WOLF Message Board

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Microcap & Penny Stocks : GW GREY WOLF

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To: RealMuLan who wrote (187)	2/5/1998 4:47:00 PM
From: JGreg	of 444

This might help some--a call was made today to UTI. Here is what they said: 1) there really has been no difference in current dayrates vs.December. 2)(stacking) They have 89 rigs, 12 are stacked. Those stacked do need some capitol expend. They are there because of lack of demand at this time. 4 & 5)No buy back at pres. time - Feeling is to grow by aquisitions, etc. They have about 50 Million in balance sheet. 6 & 7) Historically, 1st quarter is soft. Pioneer is still using all rigs. Things are not exactly as dire as when this was first announced. Very good probability that there will be fewer rigs then originally thought called off contract. Audit will be completed around Feb. 13 - then earnings will be announced. UTI is more heavily into Gas drilling then oil New contracts generally not announced like they are in the D/W sector Lower contract rates among land drillers over the full spectrum have really been on an isolated basis So, maybe dayrates are OK. ????????????????

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