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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies
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To: cherrypitter who wrote (8)8/3/1998 9:13:00 PM
From: Retro  Read Replies (1) of 318
 
Richard,

What I found attractive (others may not) is trading at it's year low, they have enough sense to reduce drilling expenditures in a meaningful manner during a steep decline in prices, they are heavy in natural gas which as a practical matter is not subject to extreme foreign dumping like crude is and finally, my opinion again, I think gas will turn up because of the effect of reduced drilling by them and others and the decline in production resulting in making the production they presently have more valuable. Notwithstanding book value of $7.03 etc I don't have any easy answer to justify my purchase other than my feelings above. Naturally it could continue down, but I felt its near or at its bottom.

Appreciate your letter and questions and perhaps others on this BB can add to my opinions.

Thanks,
Retro
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