PRECISION DRILLING CORPORATION Message Board

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Gold/Mining/Energy : PRECISION DRILLING CORPORATION

PD 11.91

-0.3%

10:42 AM EST

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To: EL KABONG!!! who wrote (128)	9/17/1998 7:35:00 PM
From: Yonni	Read Replies (1) of 163

People: Take a closer look at the results. PD had a one time gain in the quarter of pretax 9.7 million Canadian. The core operating earnings were $.35 Canadian. The number of oil rigs working in Canada are at about 50% of last years level. Canadian oil and gas producers are coming out and announcing cuts in their cap ex budgets for drilling, so where is Precision Drilling planning to make their money? Canadian oil and gas producers (check out Gulf Canada) are somewhat leveraged and need to conserve cash to pay their debt. Also, check out the decline year/year in Contract Drilling. Things are still ugly and it will take a while till this one turns around. I sold today and will step back in at $14-$15. General macro conditions suggest bonds are a safer bet.

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