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

To: David Spruiell who wrote (3237)	11/19/1997 6:29:00 PM
From: Lucretius	Read Replies (5) \| Respond to of 95453

I talked w/ several of my friends in the oil service business today. They see no slack in demand for their services. In fact, most are gearing up for an even stronger '98. They have not heard any talk of producers cutting back on their drilling budgets in '98. The producers are running out of reserves. That is what has been driving this latest boom in drilling. Until it becomes uneconomical to dril, they will continue doing so in order to increase reserves. I am not hearing anything negative from the people that are in the business. Several times this year the Street has gottten the story wrong on these drillers. I think we're seeing it again. Unfortunately, this time we have a troubled mkt also which contributes even further to the decline. Unless my buddies in the oil services are complete idiots and don't know what they're talking about, we should see a sharp rebound in the coming weeks. Until then it could be alot of backing and filling until we build a new base of knowledgeable investors and get rid of the weak stomachs. I'm holding tight. -Lucretius