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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 (79200)	11/16/2000 10:49:13 AM
From: excardog	Read Replies (1) \| Respond to of 95453

jim, ESNJ seems to be doing lots of drilling but pretty high ratio of dry holes compared to peer group. Listened in on CC replay for newbie WRC. CEO stated dry hole expense was running 1/2 of forecast for a comparison. Jumped on LSS this morning with the upgrade from BA and the fact it didn't move with the other tubulars yesterday. Figured it could run to $40 real quick. Thanks for the info you printed today it's nice to see the figures condensed. Scott

To: jim_p who wrote (79200)	11/16/2000 2:49:34 PM
From: isopatch	Respond to of 95453

JimP. You have to look at where ESNJ is spending their CF: Just looking at the numbers in isolation can be misleading. Companies with vastly over compensated mgt, a poor record of finding the resource punctuated by deep & expensive dry holes, high debt service costs or other CF draining costs that AREN'T building LT value in a company are no no's in my stock selection process. However...ESNJ is a horse of a very different color. Although they are a sm cap NG E&P, they're spending $$ on 3-D acquisition & interp like a mid/lg cap company. Not sure there's another sm cap NG as aggressive about building a LT prospect portfolio as these guys. This is a recipe for very high growth and the market will continue to award vision like this with very over valued numbers on you spread sheet. Wish they would stay independent. This stock is absolutely an ass kicker, LT. With their excellent rate of expl drilling success this could be a $20 stock in 2-3 years if they didn't have such firm plans to sell or merge the company (probably in the next few months). Let's face it, there been hardly any takeover/merger premiums in the deals that have gone down so far this year. Just the VVHO of an alley cat geologist<G> Best Iso