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

To: jim_p who wrote (72089)	8/31/2000 12:36:41 PM
From: jim_p	Respond to of 95453

Speaking of good wells, take a look at ROIL today. New Discovery in Gulf of Mexico CALGARY, Aug 31, 2000 (CNW via COMTEX) -- CXY Energy Offshore Inc., a wholly-owned subsidiary of Canadian Occidental Petroleum Ltd. (CXY, TSE and AMEX) today announced a new oil and gas discovery at West Cameron 170 in the shallow waters of the Gulf of Mexico. The 17,125 foot A-6 discovery well, located 30 miles offshore Louisiana in approximately 34 feet of water, encountered 180 feet of net oil and gas pay in five main pay sands. CXY Energy has a 78% working interest in the discovery and is the operator of the block. Remington Oil and Gas Corporation (NMS, Nasdaq; REM.P, ROIL and PCX) owns a 20% working interest. The discovery well was production tested at a rate of 4,300 barrels of oil and 9 million cubic feet of natural gas per day with a flowing tubing pressure of 7650 psig. The well has been tied-in to production facilities and is currently producing 2,100 barrels of oil and 6.5 million cubic feet of natural gas per day, pending construction of additional infrastructure. Follow-up drilling is expected in early 2001. "The Gulf of Mexico is a core area for us and we are committed to significant growth in this basin," said Vic Zaleschuk, President and Chief Executive Officer of CanadianOxy. "Short cycle time, high return projects like West Cameron provide steady near term growth, while world class deep water opportunities like our recent discovery at Gunnison will fuel major increases within a few years." Canadian Occidental Petroleum Ltd. is an independent, Canadian-based global energy and chemicals company. Major activities include exploration, development, production and marketing of crude oil and natural gas in Canada, the United States, Yemen, Nigeria, Australia, Colombia and Indonesia. Certain statements in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934 and Section 27A of the United States Securities Act of 1993 as amended. By their nature, such statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such statements are generally identifiable by the terminology used such as "plan", "expect", "budget", or other similar words. The forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, among others: market prices for oil and gas; the ability to produce, and transport crude oil and natural gas to markets; the results of exploration and development drilling and related activities; renegotiation of contracts and political uncertainty, including actions by insurgent groups or other conflict. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors, and management's course of action would depend upon its assessment of the future considering all information available. In that regard, any statements as to future oil or natural gas production levels, the Company's share of production from operations in Yemen, depletion rates, capital expenditures, drilling of new wells, dates by which certain areas will be developed or will come on-stream, cash flows, and changes in any of the foregoing are forward-looking statements. Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available to it, no assurance can be given as to future results, levels of activity and achievements.

To: jim_p who wrote (72089)	8/31/2000 12:40:29 PM
From: ItsAllCyclical	Respond to of 95453

JimP, I have enough in the sector that I'll still make out if the OSX runs to 145 near term. This would be possible if oil breaks out and makes new highs. Yes techs would fare poorly in that scenario. But assuming that happens I don't think it would take long for OPEC to try to talk down prices again. Assuming the OSX does run to 145, what's the likelyhood that it'll pull back to 135 before the next sustainable run? Pretty good if you ask me. I stayed with this current run for as long as possible. It just seems to me that 1) It's losing some steam 2) the risk/reward ratio favors some cash buildup 3) The OPEC meeting is really 1 week away. Energy traders will not take major positions ahead of this meeting. 4) Techs look poised for a break out short term (recent economic figured weak again. This is very short term. It may only last 2 weeks or it may last 2 months, but I think by Nov at the latest we'll see another BIG run for the OSX. It was tough selling as much as I did since I know these issues will be considerably higher in 6 months, but I also know there's a high degree of likelyhood for another 10%+ pullback. I would love to load up again on the cheap.