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

To: Challo Jeregy who wrote (23789)	6/10/1998 9:53:00 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

Challo, Agreed- Expect to see some acquisitions here, and like Ceanic, in cash and not in stock. There's a number of companies vulnerable to acquisition here. ESV, note, about a week ago announced that their stock was "significantly undervalued" and indicated B/D approval to buy back up to 5% of its outstanding shares. My guess is that the motivation is primarily to avoid being acquired. As for oil demand- Asia has reduced use by 750,000 bbls/day? That's not a whole lot when the world consumes around 72mm bbls/day of oil- enought to knock the price back right now.... Sincerely, Doug F.