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

To: RGinPG who wrote (10763)	2/5/1998 10:10:00 PM
From: NucTrader	Respond to of 95453

Hmmmmm.....this sounds to me suspiously like "Buy low, sell high...."

To: RGinPG who wrote (10763)	2/5/1998 10:38:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 95453

Ron, I've avoided the land drillers because I believe they are much more subject to the vicissitudes of the oil market. From what I've read, oil accessible from land will be depleted first. Therefore, it seems to me that the land drillers won't have they staying power of the off-shore drillers even if oil prices rose substantially. The reason I like VRC (and similar companies) is that from what I've read, much of the off shore equipment is old, and either needs to be refurbished or entirely replaced. Thus, companies that build rigs should be insulated from the price of oil for some time to come. Even with little or no increase in demand for oil the demand for new rigs should be quite high, and is one more step removed from the day rates the drillers are getting. Regards, Paul