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To: isopatch who wrote (87448)	2/16/2001 12:26:49 PM
From: pbd007	Respond to of 95453

Excerpt from Simmons & Co report "THE CASE FOR $4/MCF NORMALIZED GAS PRICES AND THE IMPACT ON E&P STOCKS" dated February 9, 2001, authored by David Pursell. "We currently forecast natural gas prices of $4.30/MCF in 2001 and $3.90/MCF in 2002. Although it is the intent of this report to make a case for long-term $4.00/MCF, we will formally increase the 2001 and 2002 forecasts in an upcoming report. Based on our view of the fundamental North American natural gas environment and the relative degree of downside price protection, we WILL BE INCREASING BOTH 2001 AND 2002 NATURAL GAS PRICES in our upcoming 1Q'01 price update(near the end of February)"