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

To: Francois H. Gaston who wrote (49026)	8/9/1999 9:58:00 AM
From: SliderOnTheBlack	Respond to of 95453

MEXP... Leaving for a week Tues p.m. - MEXP reports soon; couple of thoughts... Since the IPO, or when this traded at $8 last year; other than being in violation of Bank Convenants due SOLEY to required accounting write downs due to historically low commodity prices (which the same accounting rules - do NOT allow to be ''re-written'' back up by the way...) - what has changed in the Miller Story ? Are the Salt Domes looking better, or worse ? Do we know a lot more now - about the Salt Dome Play than we did at $8 ? Does the Blackfoot development play; now look more, or less promising ? Are we not closer to the actual realization of benefits from this play ? Has ANYTHING in the low-risk, low cost core Nat Gas production base changed with MEXP ? What are the fundamentals for Nat Gas looking 2-3 quarters out ? Realistically; with MEXP being able to live within its cash flow generation right here; not needing a new credit line for survival (rights offering aside - only a positive benefit...) what is the realistic downside ? Does anyone, or can anyone present ANY possible case for the demise/Bankruptcy of Miller ? Is there any fundamental case to support MEXP selling below $2 1/2 ... Is there ANY better risk vs. reward upside; play left ? Trading; but Long RRC OEI - I LOVE these 2 right here & MEXP and nibbling at a few others... FLC is ''the'' OSX play... nice upgrade & $20 target price today... No other Driller is a near term double here...(perhaps PDE) - if the OSX goes substantially higer - and you believe it will; FLC is the vehicle of choice for that ride...imho.