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

To: SliderOnTheBlack who wrote (79311)	11/17/2000 11:19:54 AM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

SEV's quarterly report: Press Release Seven Seas Reports Third Quarter Results First Quarter of Significant Oil & Gas Revenue HOUSTON--(BUSINESS WIRE)--Nov. 14, 2000--Seven Seas Petroleum Inc. (AMEX:SEV - news; TSE:SVS.U - news) today announced results for the three months and nine months ended Sept. 30, 2000. For the third quarter of 2000, the Company reported a net loss of $222,000 or $0.01 per share, on total revenue of $2.3 million as compared with a net loss of $1.3 million or $0.03 per share on revenue of $828,000 in the third quarter of 1999. For the first nine months of 2000, the Company reported a net loss of $4.6 million or $0.12 per share on revenue of $3.4 million, as compared with a net loss of $6.2 million or $0.16 per share on revenue of $2.7 million in the first nine months of 1999. The positive variance in the net loss for third quarter of 2000 versus third quarter of 1999 was primarily due to the commencement of post-exploration phase production from the Guaduas oil field on Aug. 9, 2000. Between Aug. 9, 2000 and Sept. 30, 2000, the Guaduas oil field produced approximately 180,000 barrels of oil (81,000 net to Seven Seas), generating approximately $1.9 million in net oil and gas revenues to Seven Seas. ``We intend to continue to truck production from the Guaduas oil field to generate revenue while the pipeline is being constructed in the field,'' stated Robert A. Hefner III, chairman and chief executive officer of Seven Seas. ``We are currently focused on securing the financing for the costs of the development of the field, including the pipeline and development wells, as well as the costs of the subthrust exploration well,'' concluded Mr. Hefner. 2000 Shareholders Meeting Update Seven Seas reported today that the U.S. Securities and Exchange Commission (``SEC'') continues to review the Company's preliminary proxy materials for the 2000 shareholders meeting and the proposed migration of the Company's place of incorporation from the Yukon Territory, Canada to the Cayman Islands. The Company cannot predict when the SEC review will be completed.

To: SliderOnTheBlack who wrote (79311)	11/17/2000 11:25:12 AM
From: SliderOnTheBlack	Respond to of 95453

A healthy US Economy/Consumer Spending ? - not. - been pounding the table on this for some time; it is a tsunami wave forming - bank on it (pun intended). BANKRUPTCY EPIDEMIC ON HORIZON Friday,November 17,2000 By JOHN CRUDELE -------------------------------------------------------------------------------- BEFORE you start shopping for Christmas gifts, consider this. Personal bankruptcies will increase a whopping 10 to 20 percent next year, according to SMR Research. And with the stock market suddenly no longer making people feel very wealthy, that estimate could be low. This isn't one of those research outfits that loves bad news. SMR is probably the only place to correctly report that bankruptcies would decline in 1998 and '99. "It's mostly a continuation of an upward trend which has been going on for 10 years now," said researcher George Yacik of next year's trend. The difference from the last two years? In 1998 and '99, "people on the edge were able to refinance their debt and take the heat off," Yacik noted. That trick works only if rates keep going down. Since last year, the Federal Reserve has raised borrowing costs six times because people, feeling too affluent, were driving prices too high. The Fed got what it wanted. People no longer feel rich. But the reasons why there will be so many bankruptcies is much more complex than just the actions of Greenspan & Co. There's the growth of gambling in this country. And more and more people find themselves without health care, so one good-sized illness puts them over the solvency line. There are also lots of divorces. And lawyers, of course, have been pushing bankruptcy as a way to solve financial problems, even as Congress is trying to tighten the laws. But the biggest reason more people are expected to go bankrupt next year is simple: Americans - already profligate - got into the habit of spending way too much at a time when wealth was being created artificially by the stock market bubble rather than in the paycheck. Here are some numbers. In 1998, there were 1.38 million personal bankruptcy filings. In 1994, the number was only 770,000. But bankruptcies fell to 1.26 million in 1999, mainly - SMR said - because people were able to two-step their way out of bankruptcy thanks to banks willing to lend them money against their home's equity. According to the latest government numbers, one-quarter of homeowners have less than $1,000 in the bank. Another 27.5 percent have between $1,000 and $5,000 in the bank. And because of the declining savings rate in recent years, fewer non-homeowners have the three to six months' worth of salary stashed away as a buffer against disaster. And those figures are from 1995, when the savings rate was higher. The situation has probably gotten worse since then. Bankruptcies started to climb this year, but 2001 is when the researchers expect the real jump to record levels. Aside from the tightening of credit, the main culprits this time will be higher energy prices and the uncooperative stock market. Most of the wealth created in this country over the last decade came from the stock market bubble. The bubble isn't gone yet. But the market's deflation in the last few months - amplified more than adequately by the media - has caused investors to become more cautious. That newfound caution will help. But the next wave of bankruptcies is already locked. People who made purchases and plans based on yesterday's perceived wealth and estimates of future capital gains won't be able to pay for their dreams. The situation will be worse, of course, if the economy doesn't slow gently or the stock market takes a big dip. David Levy of The Levy Institute said, "The chances are 2-to-1 that we will have a recession in the next 12 months." "The total debt - personal and corporate - has been growing faster than income, especially during the past 20 years. There is a constantly increasing strain on people," he added. Levy believes if there is a recession, bankruptcies could become a lot worse than even SMR is forecasting. nypostonline.com

To: SliderOnTheBlack who wrote (79311)	11/17/2000 1:00:03 PM
From: jim_p	Read Replies (1) \| Respond to of 95453

Slider, "If you buy.......it will come". People will always sell the news. I agree we will continue to have selling as cold fronts arrive. If we exit this winter with record low inventories, the NG cycle may very well last until the spring of 2002. Between now and the spring of 2002, I have to believe we will have a political event that will trigger a change in perception to a full blown energy crisis. Selling on days like Wednesday and buying on days like today still makes sense. Jim