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Gold/Mining/Energy : Gold Price Monitor

GDXJ 118.97

-0.9%

Dec 24 4:00 PM EST

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To: William JH who wrote (12141)	5/24/1998 10:53:00 PM
From: Ed Pittman	Read Replies (2) of 116823

William.. I think the information that ABC gave out is far from the truth... First..a stripper well is around 10-15 or less per day..I'll take all the 20 to 40 BpD wells you can find. Lets see...A 20 BPD at $ 15.00 crude..= $300 per day...That's $ 109.500 per year. Sure most oil companies made great profits last year, with crude going to $ 25.. And I can assure you that no one is capping a 40 barrel per day well. Here is Calif. property has become more valuable than some of the stripper wells depending on the area. Here is something to run by ya..In the 60's crude oil was $ 3.00 per barrel..And companies made great profits. I was in Bakersfield a month ago and one field was telling me that, they where losing $ 1.00 per barrel for every barrel they produced. I think crude was around $ 10.00 per barrel for their crude..( it could of been 2 months during that last dip ) Regards, Ed

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