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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies -- Ignore unavailable to you. Want to Upgrade?

To: cherrypitter who wrote (8)	8/3/1998 9:13:00 PM
From: Retro	Read Replies (1) \| Respond to of 318

Richard, What I found attractive (others may not) is trading at it's year low, they have enough sense to reduce drilling expenditures in a meaningful manner during a steep decline in prices, they are heavy in natural gas which as a practical matter is not subject to extreme foreign dumping like crude is and finally, my opinion again, I think gas will turn up because of the effect of reduced drilling by them and others and the decline in production resulting in making the production they presently have more valuable. Notwithstanding book value of $7.03 etc I don't have any easy answer to justify my purchase other than my feelings above. Naturally it could continue down, but I felt its near or at its bottom. Appreciate your letter and questions and perhaps others on this BB can add to my opinions. Thanks, Retro

To: cherrypitter who wrote (8)	8/3/1998 9:18:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 318

UPR's attractiveness... Dont' mean to jump in here, but in my research, I didn't find anything to fall in love with on UPR either and didn't buy. Bought APC & NBL in larger caps instead. What I did find is that DLJ & T Rowe Price are listing UPR as a top BUY based on a reorganization & cost cutting potential to turn things around financially. They are one of THE lowest cost producers, do have respectable 13% margins and have good EPS growth going forward. I am not that familiar with their reserves or ongoing projects in Venezeula or other Exploratory projects which may be promising. How about NBL instead ? - a little smaller market cap @ $1.81 Billion , better debt structure @ .84 debt/equity. Solid earnings with 50% EPS growth going into 1999. Showed good resilience from the January selloff rebounding nicely and has a nice ''rolling'' trading range that makes it very attractive for either near term trading or a long term hold. Good institutional interest that is growing as well... and has showed excellent bottom support near where it's at now - @$25- $30 being a trading range since mid 1993. Anadarko showed the pent up demand here in this sector - institutions just waiting for a reason to buy. APC may be a little pricey on their recent pop - but in light of their GOM find and ongoing projects - maybe not... Anyone following smaller caps like THX, PGEI, EEX, CWEI, POG , MEXP, BSNX, VPI ? ... or playing any pure asset buyout plays like SGO ? - Top Oil analyst Fadel Gheit calls Seagull Oil ''THE'' most undervalued stock - bar none.'' - comments ?