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

To: BigBull who wrote (67412)	5/31/2000 9:24:00 PM
From: jim_p	Read Replies (1) \| Respond to of 95453

Comstock Resources, Inc. Announces Another Successful Well at Double A Wells Field FRISCO, Texas, May 31, 2000 /PRNewswire via COMTEX/ -- Comstock Resources, Inc. (NYSE: CRK) ("Comstock" or the "Company") today announced the production test results of the Champion C #3 well. This well was drilled to a total depth of 14,250 feet and was completed in the upper Woodbine formation through perforations from 13,994 feet to 14,042 feet. The well's completion was tested at 4.2 million cubic feet of natural gas per day and 333 barrels of condensate per day (6.2 million cubic feet of natural gas equivalent per day) flowing on an 18/64 inch choke at 3,000 pounds per square inch flowing tubing pressure. Comstock owns a 62.7% working interest and is the operator of this new well. This well is the seventh successful well drilled at Double A Wells field in Polk County, Texas since Comstock started its redevelopment of the field in 1999. In its Double A Wells field program, Comstock is currently at 11,200 feet in drilling the Jackson #3 well, which has a proposed total depth of 14,100 feet. Certain statements in this news release regarding future expectations, plans for drilling, estimates of oil and gas reserves and production and pricing may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas. Actual results may vary materially. Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. SOURCE Comstock Resources, Inc. CONTACT: Roland 0. Burns, Sr. Vice President and Chief Financial Officer of Comstock Resources, Inc., 972-668-8800 (CRK)

To: BigBull who wrote (67412)	6/1/2000 9:21:00 AM
From: Meridian	Read Replies (2) \| Respond to of 95453

TMAR has plenty of potential. The drivers are: 1. More deepwater rigs working in GOM and Brazil and w. Africa (later two markets will draw boats out of GOM and allow dayrates to increase faster than people think). In addition, it takes more boats/rig the deeper they are. And dynamically positioned rigs need more gasoline, which translates to either more boat runs or more boats required. 2. The fleet is old w/ lots of older boats stacked. Takes $$$ to recertify old stacked boats to coastguard specifics. Psychology will be to keep older boats off market because they'll command poor dayrates relative to newer boats. This will lead to attrition of the fleet. Risk - older boats will come back if dayrates are high enough to justify recertification spending. (in this case TMAR will be in the $20's)... not much of a risk, eh? 3. TDW has the power to consolidate the market such that the industry does not need 90% utilization before dayrates move sharply higher. Maybe 85%. Similar to land rigs where NBR and GW control the deep rigs and have hugely consolidated that market. We don't need nearly the utilization that we did in '97 in order to move dayrates. Lastly, I think TMAR is still trading at below book. Looks good to go, as laggards do.