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Gold/Mining/Energy : Swift Energy (SFY)
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To: Ed Ajootian who wrote (775)4/21/1999 4:59:00 PM
From: Mark  Read Replies (2) of 1602
 
Ed, I agree with you about the need to increase the drilling. If the
company doesn't do so, then I can only see three reasons why -

1) It wants to use its cash for something else (although the time is
now surely past there being bargain properties to acquire?),

2) It can't afford to (i.e. the long period of low market pricing has
created such difficulties that they need a recovery period),

3) It choses not to, for reasons I don't understand.

My money's on (2), though I believe that they'll currently be doing a
little drilling based on what cash they have, AND they'll be committing
to more drilling as new cash comes in. The bottom line here is that
there are a LOT of companies who've been hurt in the last 18mos, and
who won't have ANY spare cash (that's why I like PETD). Provided SFY
recover ahead of the others, they'll still be able to contract cheap
drilling before rig demand gets back to normal. (This also means that
we probably have another quarter in which to buy drill stocks).

Mark
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