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

To: Gary Burton who wrote (54431)	11/11/1999 12:09:00 AM
From: IndioBlues	Respond to of 95453

Some new to the thread may not know exactly what issues presently comprise the OSX. FWIW, here they are with their relative weightings -- Baker Hughes Inc. BHI 6.12% Cooper Cameron Corporation CAM 10.30% R & B Falcon Corp. FLC 2.94% Global Industries Ltd. GLBL 1.56% Global Marine Ltd. GLM 3.99% Halliburton Co. HAL 9.35% 11/29/1999 0.13 Nabors Industries Inc. NBR 6.33% Noble Drilling Corporation NE 5.91% Rowan Companies, Inc. RDC 3.83% Transocean Offshore Inc. RIG 6.61% Smith International Inc. SII 9.04% Schlumberger Ltd. SLB 14.80% Tidewater Inc. TDW 7.82% Varco International Inc. VRC 2.81% Weatherford Int'l Inc WFT 8.58% Here's a link for more information: phlx.com Gary, thanks for your EW views. I'm keeping an early eye on MDR tomorrow morning as well.

To: Gary Burton who wrote (54431)	11/11/1999 4:57:00 AM
From: Post_Patrol	Respond to of 95453

Still can`t make up your mind..... hey Burton?? We`ll give you our analysis because we`re in the market. We think the OSX will take out 100 by Feb. 2000 and then again maybe it won`t. Sound familiar? VVBG. Regards, The Patrol

To: Gary Burton who wrote (54431)	11/11/1999 8:28:00 AM
From: articwarrior	Respond to of 95453

Glad to see you post Gary...Made a killing on BNO..Hope others decided to take the BNO ride.. Waiting for a retrace here in BNO then I will re-enter. There is nothing like a 50 % boost to get me going. For my next pick I suggest looking into UNT.... I will post more later got to go for now. Remember folks DD... Good Trading all Arcticwarrior

To: Gary Burton who wrote (54431)	11/11/1999 8:46:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

MDR Reports: biz.yahoo.com

To: Gary Burton who wrote (54431)	11/11/1999 9:38:00 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

Gary" re: RRC - good to see you back; reduced production was inevitable & not unexpected ... the reduced production is due to property sales and reduced cap ex spending, some shut ins & the Matagorda Island project; and will be JV related here forthcoming. Companies like BR NBL UPR PXD OEI all had reduced production - that is one of the reasons that the E&P's free-fell to this degree of late. But; look at the balance sheet restructuring that virtually all of these companies did... NBL basically didn't spend a fraction of the Cap Ex $ they will spend here & into 2000; in 1H 1999. The Street has overpenalized & over-focused on this area imho. Here's my take on RRC: 1.During the period, revenues reached $81.1 million and cash flow rose to $26.6 million. Production increased 7% and prices rose 8% above the 1998 period. Net income totaled $12.7 million or $0.33 per share versus a loss of $66.9 million in the prior year. .... Excluding non-recurring items and the impact of hedging, third quarter net income would have been $1.2 million versus a $4.2 million net loss in 1998. 2.Production during the quarter rose 7% to an average of 178 Mmcfe per day, as gas production increased 12% to 136 Mmcf per day ... & "see Matagorda comments; ie:the Matagorda Island field in the Gulf of Mexico, was shut in for facility expansion. The field returned to production in early November at 95 Mmcf per day (13 Mmcf net) a level 40% above the pre-expansion rate. 3.Net income totaled $12.7 million or $0.33 per share versus a loss of $66.9 million in the prior year. ...yes; some non-recurring items in both years - but PROFITABLE ! and the forward looking expectations with the coming hedging and market price realizations would now be what (VBG) ? 4. It's Production, production, production... ...Production for 1999 is estimated to average 183 Mmcfe per day, a level 10% greater than 1998. The Company expects to increase 2000 production by 5% to 10% over the fourth quarter 1999 level through ongoing exploitation of its existing property base. ... Gary; the shortfalls on production were explained and expected - see Matagorda Island comments in the 10 Q as well. 5. The capital required will be entirely funded by internal cash flow. ... Their balance sheet triage has been successfull - period. 6. The Street loves the "JV" and we've seen a substantial turnaround here; I don't care how they get there - but PROFITABILITY is a damn nice change - now isn't it... and now what does this hedging program below do for future profitability ? ... can you say it "guarantees it" ! For the fourth quarter, 75% of estimated gas production and 85% of estimated oil production has been hedged at average NYMEX prices of $2.64 per Mcf and $17.92 per barrel, respectively. In calendar 2000, hedges are in place covering average production of 76 Mmcf per day and 1,900 barrels per day at average NYMEX prices of $2.60 per Mcf and $20.80 per barrel. The Company's ongoing strategy is to hedge roughly 50% of its production on a rolling twelve month basis. Given its 13 year reserve life, the Company's objective is to reduce short-term volatility while maintaining long-term price appreciation potential. 7.The IPF - don't underestimates its value & potential; ie:In the third quarter, Independent Producer Finance (IPF) registered its best results in more than a year. Assisted by higher commodity prices, IPF generated $653,000 in earnings and $4.3 million in total cash return. Only $3.5 million of capital has been invested by IPF in the first nine months of 1999 due to low commodity prices and the need to restructure its bank agreement. Commitments have recently been received for a new credit facility. The new facility coupled with internal cash flow will provide IPF the capital to resume its growth. 8. Debt reduction: ...The Company's primary objective for 1999 has been to reduce debt and reestablish its financial flexibility. On September 30, the Company completed the Appalachian joint venture recognizing a gain of $41 million. The transaction in combination with internal cash flow and the sale of non-strategic properties, reduced total debt by $137 million. A total of $147 million was outstanding under the Company's recourse bank facility at September 30, 1999, down from $365 million at yearend 1998. 9. ..."we are generating healthy cash flow. A portion of that cash flow will be used to reduce debt." 10. ** I'm quoting some cfps #'s from brmahood's yahoo post; I don't have the SEC filing yet - just typing as I skim the release on Reutuers here... I don't see where you got your cfps #'s - so well readdress this issue later as I get more info ... <<Cash flow was a healthy $26.6 million or $.71/sh compared to last year's Q3 cash flow of $12.4 million or $.47/sh. >> .71 c cfps x 4 qtrs = $2.84 cfps annualy; how long will RRC whom is NOW PROFITABLE ! - whom has reduced Bank Debt by $200M and whom is cash flow positive - with free cash to pay down additional debt; remain at a cfps valuation multiple of 1.15 x cfps ??? RRC; the corner has been turned and never has the performace to price ratio ever been this favorable - period. I am a BUYER of RRC here and into any irrational weakness that is seen. RRC has turned the corner to where it is a "when" and no longer an "if" story imho.