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Gold/Mining/Energy : Swift Energy (SFY)

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To: Robert T. Quasius who wrote (625)	2/2/1999 8:44:00 PM
From: PuddleGlum	Read Replies (1) of 1602

I'm still thinking 2H 1999. The fly in the ointment is that APC announced that they had huge existing fields to develop, so that exploration wasn't particularly important. SFY said that they could open the taps some more, too, but aren't inclined to do so at the current low prices. What this means is lots of gas in known storage, lots of gas shut up behind valves, and lots of gas in developing fields. Maybe drilling doesn't have to pick up soon, with all those big reserves. But what's encouraging is the street's reaction to missed earnings: like NBR missed today and was up 1/2 on heavy volume. And did you notice big block trades in APA and CGP? Of course, the street seems to ignore big discoveries like SFY just announced, so that's the flip side. We won't rush to double our money in this sector, but I'm calling the bottom. What's this? The fifth time I've called it? FWIW! Earnings report is next week, I believe. Good luck. Steve

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