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

To: dougjn who wrote (3417)	11/20/1997 10:05:00 PM
From: Flan	Respond to of 95453

The only short term concern I have is that the price of crude is dragged down in the coming weeks. Even though there is a legitimate decoupling of the drillers and the price of oil - people ( ie money mgrs) will still see it as an excuse to sell a group that is performing poorly (stock performance) That is why I did not buy anything today even though PDS is trading at 12 PE to next years numbers. If the market firms up I will buy more - I still have to let my bleeding wounds heal. To everyone on this thread the only stock I own that held up in this pullback was CLTDF. Now that is a cheap stock. Now lets see do I want to buy Cisco at a 38 P/E in a shacky tech market or PDS with great earnings visibility at 12. Go Figure.

To: dougjn who wrote (3417)	11/20/1997 10:14:00 PM
From: John Carpenter	Read Replies (2) \| Respond to of 95453

I believe that RDC's gamble will pay off because of: 1) the quality of their new rigs 2) the current capital spending cycle for drilling should last longer than many believe due to the growing need of the integrated oil companies to replace reserves In sum, I do not believe this represents the foolhardy overbuilding of the early 80's, but a recognition of the relatively long, sustainable nature of this up-cycle