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Gold/Mining/Energy : Nevtah/Tower Oil Intl.- NTAH -- Ignore unavailable to you. Want to Upgrade?

To: Just My Opinion who wrote (2075)	7/9/1998 3:38:00 PM
From: Author51	Read Replies (1) \| Respond to of 3817

I did it for ya Anyone.....Peace

To: Just My Opinion who wrote (2075)	7/9/1998 3:51:00 PM
From: Ellen	Respond to of 3817

Thursday July 9, 2:22 pm Eastern Time Company Press Release SOURCE: Cross Timbers Oil Company Cross Timbers Oil Company Invests in Selected Energy Stocks FORT WORTH, Texas, July 9 /PRNewswire/ -- Cross Timbers Oil Company (NYSE: XTO - news) has filed forms 13G with the Securities and Exchange Commission disclosing that it owns 4.4 million common shares (7%) of Seagull Energy Corporation (NYSE: SGO - news) and 775,000 common shares (8.7%) of Wiser Oil Company (NYSE: WZR - news). The Company's average cost per share is $16.08 for Seagull and $10.53 for Wiser. These companies are part of a portfolio of approximately 10 energy company investments the Company has made since oil prices dropped earlier this year. Current investments total about $139 million in cost with an unrealized gain of approximately $6 million. Gains on investments will be reflected as income on a quarterly basis. ''Our goal is to create value for our shareholders, and we view ourselves as opportunistic,'' stated Bob R. Simpson, Chairman and Chief Executive Officer. ''We believe that due to a crisis mentality in the market as a result of low oil prices, an unusual situation existed over the past 60 days to invest in selected, undervalued energy companies. We have not seen the equities of independents so depressed across the board relative to their underlying value since 1986. In some cases oil and gas reserves could be purchased at much more attractive prices than in private transactions. We expect these equities to appreciate significantly as oil prices return to more normal levels over the next six months. ''We believe the current, much publicized 'glut' of oil has been grossly overstated. Our country's increasing vulnerability to supply disruptions as the world's largest oil importer is being viewed with total complacency,'' Simpson added. ''This vulnerability is tabulated below by reviewing historical levels of U.S. crude oil inventories represented as a number of days of U.S. consumption: Days of Supply Years In Inventory 1981 - 1985 29.1 1986 - 1990 26.1 1991 - 1995 24.7 July 1996 22.9 July 1997 22.7 July 1998 23.6 ''U.S. inventories of crude oil as reported by the API on Tuesday of this week were 341 million barrels versus 323 million barrels a year ago, an increase of 18 million barrels. While days supply in 1998 are slightly higher than 1996 and 1997 levels, the days supply is one of the lowest in the past 20 years. Furthermore, the cuts proposed by OPEC and other nations, if fully implemented, are in excess of one billion barrels annually. Although all of this reduction will not directly affect U.S. inventories, the 18 million barrel increase is dwarfed by any measure.'' In conclusion, Simpson stated, ''Our analysis leads us to believe that, if most of the recently announced cuts are actually implemented, this current 'oil is running out our ears' market psychology could well be replaced with shortage concerns by the fourth quarter of 1998, particularly if the post El Nino cold winter occurs as predicted.'' Cross Timbers Oil Company is engaged in the acquisition, exploitation and development of quality, long-lived producing oil and gas properties. The Company, whose predecessors were established in 1986, completed its initial public offering in May 1993. Its properties are concentrated in Texas, Oklahoma, Kansas, New Mexico and Wyoming. Statements concerning future financial results, commodity prices and market conditions are forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business and economic risks, and there is no assurance that these goals and projections can or will be met. Further information is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein. SOURCE: Cross Timbers Oil Company More Quotes and News: Cross Timbers Oil Co (NYSE:XTO - news) Seagull Energy Corp (NYSE:SGO - news) Wiser Oil Co (NYSE:WZR - news) Related News Categories: banking, oil/energy, utilitie