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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (45970)	6/7/1999 10:05:00 AM
From: Big Dog	Read Replies (3) \| Respond to of 95453

RIG still looks like a good one to me. big atoffshore.com

To: Wowzer who wrote (45970)	6/7/1999 10:08:00 AM
From: Wowzer	Respond to of 95453

I wish I could have these type of audits! biz.yahoo.com Monday June 7, 9:34 am Eastern Time Company Press Release BHI and IRS Close Audit of FY94 and FY95 Returns HOUSTON--(BUSINESS WIRE)--June 7, 1999--Baker Hughes Incorporated (NYSE:BHI - news; PCX:BHI) (EBS:BHI) has reached agreement with the Internal Revenue Service to close the audit of its fiscal 1994 and 1995 U.S. consolidated income tax returns. As a result of the agreement, the Company will recognize a tax benefit of $20 million (approximately $0.06 per share) in its second quarter results. Baker Hughes is a leading supplier of reservoir-centered products, services and systems to the worldwide oil and gas industry and is a leading supplier of separation technologies to the worldwide process industries. NOT INTENDED FOR BENEFICIAL HOLDERS Contact: Baker Hughes Incorporated, Houston Gary R. Flaharty, 713/439-8039 gary.flaharty@bakerhughes.com More Quotes and News: Baker Hughes Inc (NYSE:BHI - news) Related News Categories: oil/energy

To: Wowzer who wrote (45970)	6/7/1999 1:53:00 PM
From: Brent Hogenson	Read Replies (1) \| Respond to of 95453

NBR -- PESC spread. NBR is suppose to buy out PESC with the exchange rate of 1.025 shares of NBR for every 1 share of PESC. The stock prices are not even close to parity yet.( NBR - 23.75, PESC - 19.56 ) The market is leery because NBR renegotiated the Bayard acquisition. The bottom line is NBR wants PESC. They already own 10% of the company and have had their eyes on them for years. This industry slump was the catalyst that made them act. PESC originally turned down the merger twice until NBR threatened to go hostile. I am sure some kind of reassurance was made for the upper management and their jobs. I am writing NBR december calls strike price 20 for 6.25 I am buying PESC december calls strike price 15 for 6.25 When the merger goes through I will be long NBR Dec 15 calls and short NBR Dec 20 calls - FWIW I've done 40 of these. My take $5,000 per 10 - the risk - the merger doesn't go through and you're short NBR and long PESC. I have spoke to both companies and they both are doing what they can to get the merger done. They both want it and are going through the regulatory requirements. Both companies say the deal will be done in August or September. The sale will tie up a little equity until the merger goes through.