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To: Broken_Clock who wrote (46060)	6/8/1999 3:08:00 PM
From: Hrothgar	Respond to of 95453

Regarding Torch Royalty... TRU has a substantial percentage of its properties in fields producing from the Austin Chalk formation. I stayed away from TRU because of this. The Chalk is notorious for its high initial flush production rates followed by steeply falling decline curves. While not all of TRU's production is from the Chalk, there was enough to scare me off. TRU's stock price is probably held lower by this potential for rapid depletion in some of its production and thus makes the yield look very attractive. I would still be wary of holding it long term. Just my opinion, for what it's worth.