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

To: Thean who wrote (11061)	2/9/1998 11:42:00 AM
From: Lois R	Read Replies (1) \| Respond to of 95453

PTEN CFO - Spoke with James Brown from Patterson Energy today to get more of an idea of where the land drillers are in relation to my conversation last week with UTI. He's answers were very similar to those in my last post regarding UTI. Additional info wasn't very comforting: They are noticing a "softening" in rates compared to last November. The slow down that started in Dec. due to holidays, is usual for the company, but it generally picks up by mid Feb. - that has not happened and there is no strong demand. I guess a positive is the 15 rigs from Robertson are all working at the present time. PTEN is about 50/50 between gas drilling and oil drilling. The lower price for rigs is mainly on the oil side. There is a strong possibility that analyst will start down grading quarterly earnings for at least '98 in the following weeks. I had heard that comment from UTI but wanted to get another confirmation on it before posting. Question is, as I know several of us had bought into the land drillers at much higher prices what to do. The price of these stocks are so low that on a share for share basis to put the $$ into the deep water sector the best we might be able to do is get one share of a deep water driller for every 3 we own of a land. Any advise? Lois