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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 (84728)	1/19/2001 10:06:52 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Drillers yearn for Arctic's winter chill Financial Post, January 19 By Claudia Cattaneo While most of us are already eager for spring, well-drillers in the Canadian Arctic are hoping for a little more of the winter chill in the coming weeks. Balmy winter weather there has delayed the drilling of the most-anticipated natural gas well in the oilpatch by about two weeks. Much is riding on the wildcat well, the first major well to be drilled in the Mackenzie Delta region in about a decade. A successful discovery would prove there is huge undiscovered natural gas reserves in Canada's North. "The equipment is all being hauled up there, but you have to move around on ice roads and it has been a little too warm for that," said J.C. Anderson, chairman and chief executive of Anderson Exploration Ltd., which shares ownership of the well with Petro-Canada, its operator. With temperatures rising close to zero degrees Centigrade, drilling has been postponed until at least mid-February, from earlier in the month.

To: jim_p who wrote (84728)	1/19/2001 10:19:24 AM
From: stevedhu	Respond to of 95453

jim, picked up a 1000 @ 9.25 Steve

To: jim_p who wrote (84728)	1/19/2001 11:37:18 AM
From: JungleInvestor	Read Replies (3) \| Respond to of 95453

Upon seeing PGO's drop to 9, Pavlov's response kicked in. Sold the remainder of my tech (SBLU) February 5 calls and bought August PGO 10 calls. April 5 SBLU calls are my remaining bet on tech, and I'll dispose of these within 1 month since the tech bubble has not fully popped yet. My belief is that tech is rallying because it was oversold, but the market is in a secular bear trend because the U.S economy is in a recession that will be deeper than most expect. It's also my belief that the oilpatch boom will last several years more. OPEC finally has its act together and will reduce output ahead of the curve because they have vivid memories of $8/bbl oil. Gas will remain in short supply because storage will be at historical low levels at the end of winter and it will be a challenge to get storage up to an adequate level by next winter. The recession and high prices will cause demand for oil and gas to drop, but I still think demand will outstrip supply enough for the average price of oil to stay above $25/bbl and price of gas to stay above $3/mmbtu. At these prices the boom continues. Also bought more FGH May 5 calls. FGH's acquisition of Halter turned out to be a shrewd move. The new Halter contracts over the last several months have been a godsend for FGH until they get some contracts for offshore rigs. If one believes that the boom has not ended, then these rig contracts will inevitably come.