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To: SliderOnTheBlack who wrote (55925)	12/2/1999 6:01:00 PM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

Slider, (NBL) - What I love about NBL so much here is that it's one of the few big cap E&P plays I know of trading at early March levels. (BR is the other). But as you pointed out NBL will do more Cap Ex spending. Others are trading at mid April/May levels. timely.com OEI is close at mid April. OEI is a balance play though so OEI is still my #1 holding. PXD is at mid April. APA is at mid May levels along with most of the sector. Owning NBL at 22 is similar to owning OEI at 4 - at least that's what the street said in March... Just another way of looking at the overall value.

To: SliderOnTheBlack who wrote (55925)	12/2/1999 10:17:00 PM
From: Meridian	Read Replies (1) \| Respond to of 95453

RE: NBL - the Street's concerned about the methanol plant in Equitorial Guinea, I'm sure of it. But NBL used to just flare the gas that they will be using in methanol production ... so they will be the lowest cost producer in the world, save one small company in Norway I think. Payback on the plant is probably a couple of years, then it's gravy. They've got a project in Equador and gas in Egypt that should both come on over the next two years. Plus they generate about $10.00-$12.00 in cash flow/boe in the Gulf - even if decline rates are huge. At $7.00-$8.00 cash flow/share in '00 this stock is a layup at $21.50. gmbler