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

To: articwarrior who wrote (51661)	9/23/1999 1:50:00 AM
From: BigBull	Respond to of 95453

Mr. Freeze: KEG is now in low earth orbit and it's captain is laying in LUNAR orbit trajectories. Did Rig Dog nail this one or what?! KEG retro rockets cleared for for firing. Commencing countdown. 10, 9, 8, 7, 6..... Boom 2000. Drilling Services . The company owns and operates 74 drilling rigs and provides contract drilling services for major and independent oil companies in West Texas, the four Corners Region, the Northeast, the Gulf Coast, Canada and Argentina. Most of these rigs are shallow, mechanical drilling rigs rated for depths of up to 10,000 feet. The average well drilled in the United States in 1998, for comparison's sake, was approximately 5,500 feet. In addition to contract drilling services discussed above, the company also provides well servicing rigs outfitted with auxiliary equipment called horizontal drilling packages, which permit the rig to sidetrack existing vertical wells. All Key drilling packages are covered by active preventative maintenance programs which provide for the maintenance, replacement, and upgrading of rig components on a periodic basis During the June quarter, the company experienced considerable improvements in rig and trucking hours which resulted in a substantial increase in revenues and cash flow over the depressed levels of the March quarter." Mr. John added, "The current quarter, through mid-September, continues to show a strong increase in demand for our drilling rigs, well service rigs and ancillary equipment in all operating regions Mr. John concluded, "Capital spending by major and independent producers is expected to increase through the December quarter and beyond. If oil and gas prices remain stable at levels in excess of $17 per barrel and $2.25 per Mcf, respectively, and independent producers can fund expenditures, we believe demand for our services will continue to increase throughout calendar year 2000."