Strictly: Oil and Gas Exploration Companies Message Board

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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies

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To: Robert T. Quasius who wrote (175)	4/24/1999 4:47:00 PM
From: PuddleGlum	Read Replies (1) of 318

Robert- The most heavily leveraged companies MUST offer the best payback in return for the risk. APA just issued their annual report, and their management began preparing for a downturn in mid- or late-1997. Consequently, they have plenty of resources available for drilling or acquisitions. Where was SFY sitting the last time we had $17-18 oil? Maybe $17-20 per share? APA could pick up many undercapitalized damaged companies at this point and still not be overpaying. I agree with Mark on his concept of "flowers dying in the Spring", and am inclined to put my $$$ into very solid companies like APA and APC. APC has a tremendous amount of production coming on line just from recent discoveries that are being developed. These companies are more expensive, but I think that you're paying for good management that will reward you over time. Highly leveraged companies may give you a lead out of the gate, but the others will give you the best returns over time. pg

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