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

To: The Ox who wrote (76536)	10/17/2000 3:45:38 PM
From: excardog	Read Replies (1) \| Respond to of 95453

O/T BELW Todays news Press Release Bellwether Exploration Monetizes Non-Core Properties Company Uses Proceeds to Pay Down Debt HOUSTON--(BUSINESS WIRE)--Oct. 17, 2000--Bellwether Exploration Company (Nasdaq:BELW - news) announced today the divestiture of approximately 3 MMBOE of non-core oil and gas properties for $22 million. Proceeds from the transaction will be used to pay down company debt. The Company anticipates selling an additional 3-5 MMBOE by the end of January 2001 to further pay down all outstandings under the Company's credit facility. More than 50% of the divested properties were Overriding Royalty Interests from the Robinson's Bend and Blue Creek Fields located in Tuscaloosa County, Ala. This portion of the divestiture included a total of 560 wells, producing a net 450 BOE per day. This transaction will eliminate approximately 25% of the total well count (638 wells) while reducing production by only 1,400 BOE per day, or less than 10%. Even with the reduction incurred by today's announced sale and the forecasted sale of an additional 3-5 MMBOE, the Company still anticipates a 10% increase in daily production for the year over 1999. Additionally, this reduction in wells will decrease the Company's lease operating and general and administrative expenses by $2.8 million per year. ``We have stated since earlier this year that we would sell non-core properties, thereby allowing us to focus the company and its technical resources on higher return development and exploration programs in our core areas of the Gulf of Mexico, Ecuador and Southeast New Mexico/West Texas,'' commented Doug Manner, president and chief executive officer. ``By divesting non-core properties in areas outside our core focus and paying down debt, we develop the financial flexibility necessary to pursue opportunities with potentially higher rates of return for our shareholders,'' Manner added. ------------------------------------------------------------ First paragraph comment is about paying off senior debt facility I find intriguing. Company has not really seen the move in the sector due to Q2 2 cent earnings miss. Just surpassed PN as number 1 on Yahoo research board. Just a idea to ponder during a break in the on going battle. Regards

To: The Ox who wrote (76536)	10/17/2000 3:47:03 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Michael Happel... thanks & PS - ... please extend my condolences & in many cases; "last rites" to all on the Invest LTD thread who have been averaging down in the SOX from about 1080 to the 600's here... I'm sure the it's become numbingly painless by now... :) PS: Ron Insana on CNBC just got it too !... wondered about the sanity of the "Flight to Safety" into the Bio Tech's... Sorry threaders - especially you richard dean; aint no sanity left in the Bio-Nots; just an empty elevator shaft... the BEST short in the market is the Bio's - period. PS; ... gonna take a few days off here - I think I've adequately "clarified" my position to all here today... we'll give the Kitchen-Crew a chance to clean up all the food fight debris... on the thread. Ciao ~ ... pucker up & remember; it don't hurt nearly as bad if you throw in an occasional - "thank you sir; may I have another"...