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Microcap & Penny Stocks : GW GREY WOLF

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To: Rose who wrote (216)	3/3/1998 10:32:00 PM
From: jim p. holcomb	of 444

Hi Rose, My feelings on a buyout are that Grey Wolf has an awful lot of debt due to the acquisitions in the past two years. If a company buys them out with oil at a depressed price, it would be a long time paying out., and they would assume a s@itful of debt. Grey Wolf doesn't have to pay any off of the principal until '99 and is only paying interest at this time. Most of the offshore drillers got rid of their land rigs and the only land driller bigger than GW is NBR. Who is big enough to buy GW?? if their estimated earnings for '98 are still .27 cents per share in December, then somebody might be interested, but the price would be more than $15.00. IMHO. Jim.

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