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

To: CommanderCricket who wrote (64114)	4/9/2000 6:19:00 PM
From: Frank	Respond to of 95453

Commander--I think and talk about depletion every day. In fact, I have bet over 1/4 of my net worth on NG depletion.My wife says enough depletion talk! I agree with everything you said-and I bet you put your money where your mouth is too--good luck-- Frank

To: CommanderCricket who wrote (64114)	4/9/2000 7:15:00 PM
From: Razorbak	Read Replies (2) \| Respond to of 95453

Michael, Re: Depletion & Acquisition An E&P can not remain an E&P without exploration. You must continually replace reserves. In the long run, yes, your statement is correct. In the short term, however, as long as the E&P's acquire the necessary reserves to meet their production, growth, cash flow, and earnings objectives, then the market could care less whether they acquire those reserves by drilling in the field or by "drilling on Wall Street". IMO, this is a perfect price environment for acquisitions, as long as the E&P's keep trading at a discount relative to their net asset value. Some of the recent articles posted by Tomas, myself, are indicative of this continuing trend. Stay tuned. IMO, there will be more to come. Razor