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To: Alex Greenland who wrote (3502)	3/11/1998 7:09:00 AM
From: Wallace Rivers	Respond to of 78530

Thanks Alex, for your reply to Jeff. I am ignorant (relatively) as to how the various businesses work, just feel they are cheap relative to their growth rates going forward and current PEs. How would TMAR, Jeff's stock in question, fall under your scenario? As its name would imply, it does business I believe almost entirely in the Gulf of Mexico. TIA, Wallace

To: Alex Greenland who wrote (3502)	3/11/1998 8:42:00 AM
From: jeffbas	Respond to of 78530

I have a few questions as well. How would you rank land drilling, vs water drilling, vs boats in terms of attractiveness? Doesn't increased success rate decrease need for rigs and is their any play on the (technology?) source of the improvement? Where do TMAR and Nabors fit in your list of companies? These companies have come a huge way from when GLM was a "penny" stock - how confident are you that this is just a brief downturn? P/E's are low but price/sales are quite high suggesting a lot of room for margin pressure.