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

To: isopatch who wrote (84802)	1/19/2001 7:43:46 PM
From: Big Dog	Read Replies (1) \| Respond to of 95453

From John S. Herold, Inc. SURE, WE TAKE CASH The last three weeks have seen seven acquisitions announced with a common currency - 100%-cash. We also notice that the purchased reserves are predominately North American natural gas. Canadian companies are buying Wyoming gas, U.S. companies are picking up Alberta reserves, some deals are done without crossing a border, and two majors have bid for coal bed methane assets. Evidently, CEOs are confident that gas prices will remain firm or else they would be husbanding their currently flush cash flows. What’s curious is the absence of stock swaps in these transactions. We suppose that managements would tell us that their equity is currently undervalued, making it a lousy currency to use in a deal. That may be so, but it doesn’t explain why our table of insider trades in the Jan. 18 Headliner, at a more than twice normal four pages, showed a huge number of corporate officers dumping positions.