Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Howard Frederick who wrote (38395)	2/27/1999 2:31:00 PM
From: SliderOnTheBlack	Read Replies (3) of 95453

RE: FLC & PDE - good point Howard Frederick on FLC - but -- PDE's Earning release last night (GREAT NEWS imho !) has shed some light on 2 fronts. #1 - that there is still financing out there - and no one - I repeat; ''NO ONE'' is any better at this segment of the game than FLC - period. #2 - The asset value - criteria question was somewhat answered by PDE here. As far as valuing what the break up value, or company selling price, or individual asset sales price would be for FLC... PDE's creative financing deal of doing a sale/lease back their semi sub Amethyst 1 sheds some bright light on this question. FLC has plenty of options/assets and is far, far, far from losing cash/cash flow to where the ''red lights'' should be flashing. ''Yellow Lights'' - yes; "Red Lights'' - NO... The current FLC & PDE shareprices reflect "Red Light" prices with ''Yellow Light'' performance - this equals a BUY imho. Once again - is FLC a "Widow's & Orphans'' Oilpatch stock ? - NO ! so let's end that debate once & for all and put FLC in proper perspective. Safest play = DO. WhatFLC is imho; is ''THE'' premiere risk/reward/ negative sentiment /oversold/mis-understood play in the entire Oilpatch (PDE a close 2nd) - from the PDE release: <<Separately, Pride reported that it completed today the sale and leaseback of the semi-submersible drilling rig, Amethyst 1, pursuant to which it received proceeds of $97 million. The lease is for a maximum term of 13 years and the Company has purchase options after 8-1/2 years and at the end of the maximum term. The lease will be treated as an operating lease for financial reporting purposes.>> People; PDE has $2.03 per share ($100 Million +) of cash ''today'' - at a $5 selling price presently without this sale/ cash infusion of $97 Million ! They have 50.4 Million shares - is that another near $2 per share in cash - does PDE not now have nearly $5 per share in CASH ... !?!?!?! PDE's release was very bullish imho. PDE & FLC offer 2 very, very compelling buying opps imho. Factor the ''To the Moon-Alice'' - OPEC meeting catalyst as a mere ''icing on the cake'' bonus; and how can anyone who is a ''player'' NOT own ''some'' FLC and PDE here ? PS - I hear, see & smell - lot's of consolidation rumblings... Anyone think that RIG is getting blown off due to speculation/rumor that they might buy a ''controversial'' player here ? The speculation game: DO buys GLM, RIG buys FLC and NE buys MRL ??? ESV buys ATW and RDC stands alone with Sgt. Palmer & his fighting Gorilla's... and how about FGI diversifying from a pure Rig Const/Svc. play with buying -GIFI-UFAB - or an international powerhouse play with BWG ? ... and how about a Super-Independant E&P with APA/APC merging ? or BR/NBL forming a Nat Gas powerhouse ... just wishfull thinking & rambling <VBG>...

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