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Gold/Mining/Energy : Westrend Natural Gas - I.D.E. Hot Stock
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To: Leigh McBain who wrote (1321)4/21/1998 2:36:00 PM
From: routzm  Read Replies (1) of 2011
 
I found this article dated April 3rd.

Daily Oil Bulletin
April 3, 1998ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ

Drilling Rig Utilization Averaged 88% In First Quarter ÿÿÿÿÿÿÿÿÿÿ
ÿÿÿ ÿÿÿ

ÿ A little more than a third of Canada's 577-rig fleet is at work this week with most of the remaining activity concentrated in west central Alberta.

Spring break-up has dropped the active rig count to 218 from over 500 at the beginning of March. How many rigs will return to work for the summer will depend partly on oil prices and the amount of capital producers are willing to put into gas drilling.

Despite the oil price crash, the winter of 1997/98 will go down in the records as one of the busiest ever for the oilpatch.

Rig utilization for the first quarter -- based on weekly surveys -- averaged 88% even though oil prices were low and Canada's contractors had 78 more rigs available for work than last year.

Of the 560 rigs in the Canadian fleet available for work in the first quarter, 493 were active and 66 were down. That compares to fewer active rigs last year (448) but a higher utilization rate of 93% since demand was high and only 34 of the 482 rigs available were down.

This week, the busiest operators were Northrock Resources Ltd. with 12 active rigs followed by Poco Petroleums Ltd. with 11 rigs and Talisman Energy Inc. with 10 rigs.
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Is this the partly the reasoning in the degraded stock price...anyone have any more info???
Looks like a great buying opportunity..@ these prices...........
Mike
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