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Gold/Mining/Energy : Anyone following UTI Energy Corp.? -- Ignore unavailable to you. Want to Upgrade?

To: Harold S. who wrote (569)	4/30/1998 2:03:00 PM
From: megazoo	Read Replies (2) \| Respond to of 1305

Land Drillers' time has come. After PTEN warned of the weak rig service, the stock barely sold off. It would have been whacked in half if it had done the same thing six months ago. this goes to show that crude price is firming up. UTI of course has a lot riding in natural gas, too. isn't it true that summer brings out the best in oil stocks. hope this is true this year too.

To: Harold S. who wrote (569)	4/30/1998 2:22:00 PM
From: R. Murphey	Read Replies (1) \| Respond to of 1305

Harold S.: UTI's announcement should be interesting. The weakness since the Patterson release, today, is fascinating. In spite of their cautions, during the "weak quarter" 95% of their rigs were operating. How long does it take to sink a well? How many wells can a rig bore in a year? Additionally, on Apr. 9th when UTI announced the acquisition of Peterson Drilling Co., 100% of Peterson's rigs were operating. Since both Peterson and Patterson operate in the same geographic region, and since there appeared to be some relationship between Peterson & UTI since at least Jan. 31, could Patterson have just lost market share to UTI/Peterson. All of this is my humble opinion, but compared to those twitchy traders who abandoned today, I'll be patient. The operating percentages are just too high to indicate real weakness.