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Gold/Mining/Energy : Swift Energy (SFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mark who wrote (849)	7/31/1999 11:18:00 AM
From: PuddleGlum	Read Replies (1) \| Respond to of 1602

Mark- Great analysis, as usual. I, too, believe that this industry is about to embark on the second leg of its recovery. Friday I placed limit orders for EVER and WFT, neither of which got filled (market orders might be the best way to go at this stage), and I re-entered SFY with a small position. I'm still uncomfortable with the way this company burns cash, but our point and figure chart could start looking pretty good once we get a little action to the upside. APA broke out, SGY is about to, VRI is perhaps overextended, but things are looking pretty positive in general. Also look at HAL and WFT and NE in the oil services. pg

To: Mark who wrote (849)	7/31/1999 11:43:00 AM
From: Robert T. Quasius	Read Replies (1) \| Respond to of 1602

Sorry, I don't agree with you math. The %dilution is the new shares divided by the existing shares. If there are 4 million new shares and there were 16 million existing, then % dilution = 4/16 = 25%. I think management will initially use the cash to reduce debt, while looking for good distressed properties for sale in a strategic area. There are still a lot of damaged E&P companies out there that need to dispose of assets in a hurry.