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Microcap & Penny Stocks : GW GREY WOLF
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To: JGreg who wrote (194)2/12/1998 10:27:00 PM
From: JGreg   of 444
 
Here's more confirmation about what Jim said:

To: +Pastorman (11527 )
From: +Baird Soule
Thursday, Feb 12 1998 10:19PM EST
Reply # of 11531

from NBR's conference call:

CEO Isenberg indicated that there had been some weakness in U.S. land rigs, pointing
to cutbacks in the pace of drilling shallower wells. The company reported 24 fewer rigs
in service than expected. Usually they see a cutback in rig use before price declines.

However, Isenberg said that the cutbacks in U.S. rigs hasn't affected overseas markets
for land rigs. He added that he expects some rigs to be shifted from the U.S. to
overseas markets. He also said that the company is interested in purchasing offshore
and workover rigs and that he is comfortable with analysts' earnings estimates of $1.75
for this year.

Baird
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