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

To: Razorbak who wrote (82822)	12/27/2000 11:36:12 AM
From: warren harris	Respond to of 95453

Does anyone have any thoughts on GRKA - Greka Energy, a California based E&P. The stock seems to have traded flat over the past several months in the 12-14 range after a run up from the 7's. From what I can gather the company produces heavy oils from a California field to provide feedstock for its asphalt refinery in California. In addition they have interests in gas fields in Louisiana, coalbed methane in China and other interests in Columbia. Horizontal drilling technology they acquired from Amoco is mentioned several times as a critical component of thier plans. Having entered them once last fall in the 9 range and selling in the 12's, I was considering a re-entry, but not having heard them mentioned on the thread, I was wondering what others may think and how they compare. Most of my re-entry's and a lot of initial entries usually prove me wrong in my thinking. (VBG). Thanks for all the the knowlege shared on this thread over the past year, and for a "real" education in the oil/gas business. A Happy and Prosperous New Year to all! Warren

To: Razorbak who wrote (82822)	12/27/2000 11:42:40 AM
From: Tommaso	Read Replies (1) \| Respond to of 95453

I don't feel or sense any euphoria on this thread over the rise of energy prices. Indeed, there seems to me a surprising amount of skepticicsm. I think there are several reasons for this: (1) The experience of persistent low NG prices and dirt-cheap oil prices only two years ago; (2) The failure of anyone in any position of authority--government, finacial community, even the press--to perceive the gravity of the emerging shortages; (3) The recent experiences with financial mania and the memory of something like the silver mania (rather distant now). JQP has listed a number of ways that NG demand can be eased, but all those persons and companies would really like to have the gas. I suppose that by price pressures and jawboning residentical consumption could be cut by 10%. I am sitting here on a very cold day in a greatly overheated office space myself. But it is very hard to imagine that gas prices can collapse the way that stock prices can, until there is more supply. You cannot just print gas.

To: Razorbak who wrote (82822)	12/27/2000 12:09:18 PM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

SEV news on financing and pipeline construction. SEV trucks oil now, so the pipeline is the key to turning SEV from an exploration company into a real E&P company. Also SEV has shut in the field for pressure test. This test will show whether the latest well (6E) communicates with the rest of the field. The 6E was a successful directional redrill of a botched attempt to drill vertically. The pressure test will be used to estimate reserves The 6E is located 7 kilometers south of the southern most productive well in the Guaduas oil field, so communication could potentially add back a lot of reserves lost during 5 previous botched vertical wells. Seven Seas Moves Forward with Pipeline Construction Contract & Signs $10 Million Loan Agreement PR Newswire - Wednesday, December 27, 2000 HOUSTON, Dec. 27 /PRNewswire/ -- Seven Seas Petroleum Inc. (Amex: SEV) (TSE: SVS.U) announced today that it has signed a contract with Cosacol Ltda., a Colombian construction company that is an affiliate of U.S. based United Strategic Energies, for the construction of the 36-mile La Dorada -- Guaduas pipeline that will connect the Guaduas Oil Field to international oil markets via Colombia's existing pipeline infrastructure. Cosacol is a major contractor with significant experience in providing contractor services for the construction of pipelines, civil works, operations and the maintenance of oil and gas field equipment in Colombia. Its principal clients include British Petroleum, Ecopetrol, Ecogas and Hocol. Cosacol currently maintains several oil and gas pipelines in Colombia, including the Ocensa pipeline that connects BP's Cusiana/Cupiagua field to the port of Covenas. Seven Seas also announced that it recently entered into a $10 million loan agreement with Stillwater National Bank and Trust Company, N.A. The Stillwater National Bank loan is secured by all of the stock of the operating subsidiaries of Seven Seas and is guaranteed by Robert A. Hefner III, chairman and chief executive officer of Seven Seas. Mr. Hefner will receive remuneration of $50,000 for his guarantee. The loan carries a coupon of the National Prime Rate plus .75%, and interest is payable monthly until the loan is due in full on December 31, 2001. Funding will be available when certain documents required for closing are provided to Stillwater National Bank. The Company does not anticipate any problems in providing these documents within the next few days. Seven Seas intends to use these funds for working capital and plans to replace, without penalty, this non-convertible loan with the proceeds from a larger financing planned for early 2001. Seven Seas continues to be in negotiations with Sipetrol and Cimarrona LLC, its partners in the Guaduas Oil Field, to resolve a dispute regarding Sipetrol and Cimarrona's participation in the pipeline and the development of the field. Seven Seas has given its partners formal notice under the operating agreement governing the exploration, production and development of the Guaduas Oil Field that it intends to construct the pipeline even if the partners do not participate. It is the Company's position that Sipetrol and Cimarrona have forfeited their right to participate in the pipeline, making them subject to the penalty provisions of the operating agreement. Sipetrol and Cimarrona dispute the Company's position. "We have taken another large step forward in our plans to develop the Guaduas Oil Field by signing the construction contract with Cosacol and securing a $10 million loan from Stillwater National Bank," stated Robert A. Hefner III, chairman and chief executive officer of Seven Seas. "With the first shipment of pipe for the pipeline already in Colombia, and the construction contract in place, we remain on schedule to commence pipeline production by mid-2001." On another subject, Seven Seas announced that it plans to re-file updated preliminary proxy materials later this week with the U.S. Securities and Exchange Commission ("SEC"), which includes the Stillwater loan information. A fixed date for the shareholders meeting will be set when the SEC approves the proxy materials. Seven Seas Petroleum Inc. is an independent oil and gas exploration and production company operating in Colombia, South America. The Company's primary emphasis is on further exploration, development and production of the Guaduas oil field, located in Colombia's prolific Magdalena Basin.