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

To: marc chatman who wrote (13290)	3/2/1998 1:05:00 PM
From: Lazlo Pierce	Respond to of 95453

from briefing.com <<MILLER EXPLORATION COMPANY (MEXP) 8 3/8 +1/4. There was a time when a company such as Miller Exploration would have been known by every momentum player and oilfield services/drilling junky in the market. But, as money has flowed out of the oilfield group and momentum players have focused their attention on Internet stocks, the Miller Explorations of the world have found themselves floundering in a sea of unfulfilled dreams. For example, six months ago, this company's February IPO would have priced at least 4 to 5 dollars above the estimated range of $8-$9. Instead, MEXP shares priced at the low-end of the range. Back in the highflying days of oilfield services/drilling stocks, Miller Exploration would have soared 35%-40% on its first day of trading. In MEXP's case, the stock has failed to make it through the $9 mark since its initial public offering. Today, regional firm Stephens Inc is providing a modest lift to the shares, as the co-underwriter of the company's public offering initiates coverage with a "buy" rating. Stephens estimates that the oil and gas exploration and production company will earn $0.63 a share in 1998 and $1.43 a share in fiscal 1999, which translate to price/earnings multiples of 13.3 and 5.86, respectively. The firm's 12-month price target of $17.50 a share sits a captivating 109% above the stock's current price.>> Dave

To: marc chatman who wrote (13290)	3/2/1998 1:10:00 PM
From: Ronald J. Clark	Read Replies (1) \| Respond to of 95453

Here is confirmation of at least one E&P company's reduction of its exploration budget. Note the stated reasons why and the type of drilling it intends to conduct in '98. Monday March 2, 6:01 am Eastern Time Company Press Release SOURCE: Barrett Resources Corporation Barrett Announces Approval Of $190 Million Capital Expenditure Budget For 1998 DENVER, March 2 /PRNewswire/ -- Barrett Resources Corporation (NYSE: BRR - news) announced today that the Company's capital expenditure budget for 1998 is $190 million, as compared to capital expenditures in 1997 of approximately $334 million. The 1998 budget will be largely allocated to the Company's three core areas consisting of the Rocky Mountains, $81 million, the Gulf of Mexico, $43 million, and the Mid-Continent, $27 million. The budget also includes $24 million for exploration activities in the Republic of Peru and $15 million for strategic acquisitions in the Company's core areas. The reduction in capital spending from 1997 is reflective of lower product prices, particularly oil, where the Company is deferring some of its development opportunities. The reduced spending also reflects a decrease in the Company's lease acquisition budget, due to the Company's emphasis on drilling development and exploration projects already in its inventory. The 1998 budget will allow the Company to increase production and cash flow over 1997 levels by participating in approximately 435 wells, of which 100 are coalbed methane wells located in the Powder River Basin. Barrett Resources is a Denver-based independent natural gas and oil exploration and production company that is also involved in gas gathering, marketing and trading activities. Barrett's properties are focused primarily in the Rocky Mountain region of Colorado, Wyoming and Utah, the Mid-Continent area of Kansas, Oklahoma, New Mexico and Texas, and the Gulf of Mexico region of offshore Texas and Louisiana. Ron Clark