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Gold/Mining/Energy : Forcenergy (FENYE)

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To: Arktic who wrote ()	8/31/1998 6:15:00 PM
From: Michael Bakunin	Read Replies (1) of 99

S&P downgrade: biz.yahoo.com "The downgrade reflects the negative impact of the extended period of low oil prices -- combined with recent declines in natural gas prices -- on Forcenergy's ability to fund its drilling program. With annual production volume currently running at record levels of about 22 million barrels of oil equivalent, Forcenergy already has a short reserve life of six to seven years. Operating cash flow is well below Standard & Poor's expectations, and by year-end 1998 the $320 million bank facility could be drawn fully, which could result in pressure to generate cash through asset sales or to further reduce the drilling program, which for 1998 already has been cut to $240 million." mb

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