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To: The Ox who wrote (57115)	12/17/1999 2:49:00 PM
From: ItsAllCyclical	Read Replies (2) \| Respond to of 95453

I'm noticing some volume on the E&P's... HSE, OEI, VPI, APA all turning around. Of course HSE has been up all day, but it now shot thru 14. Took the chance to buy Jan 10 XTO calls. Now that HSE is running XTO is the clear bargin in gas.

To: The Ox who wrote (57115)	12/17/1999 3:16:00 PM
From: Mark Adams	Read Replies (1) \| Respond to of 95453

Great Catch! That DOW exercised specifically to participate in the distribution of the new RIG shares is of great interest to me, as a RIG holder and SLB watcher. That they would have missed the boat as a warrant holder was educational for me. But we don't know that DOW will continue to hold RIG following distribution, supporting Diana's position that RIG may be weak following the closure. Of course, DOW may also sell SLB... Might be smart of DOW to purchase puts on RIG to lock in today's price as a means of selling, which suggests it might be smart for us to watch RIG option volumes and Open Interest over the next few weeks.