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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (40482)3/20/1999 7:37:00 PM
From: Gary Burton  Read Replies (1) of 95453
 
Slider-Help me out here re RRC. I've put my FA hat back on for a minute--When I look at their year end Balance Sheet and Feb 22 letter, I see Total Liabilities (incl 'conv securities') of some $789MM and a Common of only $133MM. On the Asset side, they record $662MM as the book value of oil and gas properties plus another $74MM for transportation,processing and field assets..But in their Feb 22 letter, they say that due to low gas prices the PRETAX present value of their proven reserves at Dec31 was $555MM, implying that one would have to relay on probables and possibles and higher gas prices to make good the recorded book numbers on their b.s. and assume that all their other assets like the $70MM a/r from "IRF" was good in order to have much common shareholder value at all....no wonder they're trying to sell assets (bank induced?)....Then, I look at recent insider trading and I see that in calandar 99 alone the execs have sold some 225,000 shs in repeated transactions from $2.00-$3.31 area-the most recent being 32,000 sold at $2.04 and reported to the SEC in the week ending March 19----Are you not just a little queezy about this one given that the execs seem to be losing some faith?? sincere
regards
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