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

To: A. Geiche who wrote (49768)	8/24/1999 1:52:00 AM
From: A. Geiche	Read Replies (1) \| Respond to of 95453

RRC, Thomas W. Stoelk, Senior VP: "We are pleased with support we have received from our bank group as we execute our deleveraging plan. The extension [of bank credit facility] was designed to provide us the funds to finalize a number of transactions, Including the Appalachian joint venture, and the resultant debt reductions. We have cut operative overhead and capital costs substantially since late l998, and this venture should allow us to exceed our stated goal of $100 million debt reduction during 1999. We are on track to meet or exceed our production and cost targets. These accomplishments, combined with active hedging program and the recovery in oil and gas prices, substantially improved the company's financial position." (6/24/99) quotes.freerealtime.com