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

To: XOsDaWAY2GO who wrote (3833)	11/25/1997 10:53:00 PM
From: Bill Li	Respond to of 95453

B.Frazior, This may help you. Rauscher Pierce Refsnes, Inc. (James K. Wicklund 214-989 (214) 989-1374 Nov.25,1997 This time of year, investors always panic, which generally provides the sector's greatest buying opportunity. Last year was the aberration, not the norm. Commodity prices were unusually high, pushing stocks higher at the end of the year rather than their usual decline. But the correction did occur in January when commodity prices cracked and sent the sector's stocks down more than 20%. Also remember that at this time last year, many forecast that since commodity prices would be lower in 1997 than 1996, capital spending would drop. Of course the opposite was true, with North American drilling activity up almost 21%. The forecasts had not taken into account the requirement of oil companies to spend money to grow production. We face the same concerns this year but we believe they will be just as unfounded and we expect the North American activity levels to increase further with the international sector showing a higher rate of growth in 1998. Bill