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

To: SargeK who wrote (67553)	6/3/2000 12:57:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

US Dept of Minerals and Mining issues a report on GOM deep water exploration and production: ogj.pennnet.com

To: SargeK who wrote (67553)	6/4/2000 9:15:00 AM
From: SargeK	Respond to of 95453

FGH Recap of Recent Events (posted on Yahoo) "These are the verifiable FACTs based on recent releases (10-k/99, 1Q/00 & Press Releases). Ignore @ your own peril. 1. Stockholders' Equity (SE) of $244.1M is heavily weighted (79%) with Good Will of $192.8M. Comment - This wasn?t known prior to release of the 10-k. 2. The Petrodrill settlement resulted in the Company achieving only $18.8M of the approximately $60M that was reported as "excessive costs" above the original contracts, as amended. $12.8M of the recovery(??) will not be realized UNTIL delivery, late next year. Comment - It was presumed by many, (including me), that FGH would achieve a more favorable agreement similar to the Ocean Rig settlement. Didn't happen! 3. Pending sell of the maintenance/repair yards while reducing debt also removes a significant source of current PROFITABLE income. Further, $60.M (75% ) of the $80.M (sales price) will NOT only reduce debt, it ALSO reduces "committed bank credit lines" by the SAME amount. Comment - With interests rates on the rise, the Company may find it more DIFFICULT to raise Operating Capital to FUND new projects, at terms acceptable to the Company. quicken.webcrawler.com j/20000601/BT20000601005159.htm&symbol=FGH Conclusion (my last post): As verifiable information (positive/negative) becomes available, views change. Only an ostrich would ignore this. When I post positive information I am alleged to be overly exuberant, when I post negative information I am alleged to have attempted to influence the market. Facts, perceptions, emotions, etc. move markets, NOT me nor any other poster. I am reminded of a recent cryptoquote: "Accept that some days you are the pigeon and some days you are the statue." Good luck to all SargeK Note: I have revised my former views with regard to the LONG TERM Investment potential of FGH. I now regard the issue as a speculation." Caveat Emptor'