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

To: isopatch who wrote (86368)	2/5/2001 2:52:42 PM
From: Second_Titan	Read Replies (1) \| Respond to of 95453

Iso - I joined you with a small position as well in P. I reduced many E&P's on Friday, so I have a little room. Can you believe I owned two stocks that have taken off over the last year after I sold them TOS & TOY. Patience..

To: isopatch who wrote (86368)	2/5/2001 3:01:25 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

In recent years, ARCO's mgt AND especially their exploration program's been little more than a shadow of it's former greatness when Robert Anderson was CEO. Have to agree with you there. I worked for ARCO for 22 years and retired a few years ago. The saddest thing was the progression from two brilliant guys like Bob Anderson and Thornton Bradshaw to the mediocrities at the end who sold the company for peanuts at the bottom of the market and then, after destroying a once-great company and throwing a lot of good people out of work, walked away with millions. Re ANWR.....remember that when ARCO discovered Prudhoe in 1966, the conventional wisdom was that Alaska was a frozen Arabia with dozens of Prudhoes there for the taking. A sharp dose of reality has been administered in the last 35 years. There hasn't been a single discovery in Alaska with even 25% of Prudhoe's recoverable reserves. As the 60 Minutes piece said last night, the oil people say huge reserves and the environmentalists say chicken feed. The truth is no one knows and no one will know until major seismic work is done. ANWR needs to be opened but these estimates of huge reserves are just pie-in-the-sky. Years ago, the hot area in Alaska was the Beaufort Sea with similar talk of major deposits. After numerous stunningly-expensive exploration failures, one doesn't hear much about the Beaufort Sea any more. Where is the Beaufort Sea? Directly north of the ANWR coastal plain. John