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

To: Elmer who wrote (23236)	6/1/1998 10:18:00 PM
From: Broken_Clock	Respond to of 95453

Why do i get the feeling that the BIG oil companies love to see the oil price dip? biz.yahoo.com CALGARY, Alberta, June 1 (Reuters) - U.S. energy companies have kicked off a multibillion-dollar shopping spree for Canadian companies, and analysts say conditions are ripe for the cross-border takeover binge to continue. Driven by myriad drilling opportunities in western Canada ahead of projected strong natural gas prices north of the border, many U.S. companies said they were beating the bushes in downtown Calgary for exploration and production assets. The round of deals in the Canadian energy sector -- christened the ''merger macarena'' by industry executives -- has been bolstered by falling oil prices, weak Canadian corporate earnings and the languishing value of the Canadian dollar. ''I would see no reason for it to end,'' said Robert Hinckley, who follows Canadian oil companies for Merrill Lynch & Co. Inc. in New York. ''The exchange rate continues to work in their favor, and I think the longer we have low oil prices the more desperate some of these companies (in Canada) become.''