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

To: Snowshoe who wrote (27456)	8/10/1998 5:14:00 PM
From: SliderOnTheBlack	Read Replies (3) \| Respond to of 95453

Anyone buy anything ? - even a little nibbling ? trading ? CDIS released a great earnings report and of course sold off; bought into a small, new position here. Great company ultra deepwater oriented. Limited competiton + great buyout candidate. Debt free and $10 Million in cash - they are looking to buy assets. Look at the chart on this one, had excellent support all year above $30 and has never sold below $20 - this is a unique situtation that I'm looking for; must be debt free/low debt, must have considerable cash, must be the leader in its niche, must have a niche that will have a ''bottom'' support level as far as activity or pricing. This stock is now selling 25% below its lowest price in its history and is going into its busiest season. There are enough deeowater projects coming online that are allready built or in construction to support them through any mid term crude weakness. Got filled at $15 3/4 on a limit order - allthough yahoo is showing trading range from $16 1/8 - $18 ? ...using limit orders on all buys - throwing them out there when I see a selloff and hope to get filled near an intra-day trading low. CDIS: chart quote.yahoo.com Bought a new samll position in RON as well - under $30 is a solid fundamental value. I'll wait for a 25% dip from here to average down if we ever see that level. I like the ultradeep water niche players CXIPY, SCSWF, CDIS and RIG is selling off - had the biggest volume today 2 1/2 times normal... In equipment co's I like DRQ & RON. I like DRQ ( zero debt - deepwater equip mfg & svc) better than VRC after studying chart and prior consistant support levels. Anyone care to share their thoughts on companies at the best values here ?

To: Snowshoe who wrote (27456)	8/10/1998 7:57:00 PM
From: Snowshoe	Respond to of 95453

Crude Oil Futures at 7-Week Low By CLIFF EDWARDS, AP Business Writer Monday August 10, 5:31 pm Eastern Time Crude oil futures Monday fell to their lowest level in seven weeks on the New York Mercantile Exchange after a monitoring agency reported member of the Organization of Petroleum Exporting Countries made only half their promised output cutbacks, ensuring low prices. Crude sagged after a report from the International Energy Agency indicated nearly every OPEC member that agreed to cut daily output in March and again in June has exceeded its target. Ten of the 11 OPEC members and several non-OPEC producers had pledged to pare output in a bid to shore up prices that sank earlier this year to the lowest in more than a decade. The OPEC nations, including Saudi Arabia, Venezuela, Kuwait and the United Arab Emirates, had pledged to slash production a total of 2.6 million barrels daily, but July cuts amounted to an average of only 1.4 million barrels daily, the Paris-based group reported. And oil exported by Iraq under the auspices of a United Nations food-for-oil program, plus production increases from economically ailing Indonesia, whittled the actual output reduction to just 360,000 barrels a day, it reported. Moreover, non-OPEC exporters Mexico, Norway and Russia also missed their export targets. ''It's difficult to foresee the excess stock problem resolved until well into 1999 at the earliest,'' the report concluded. Some investors still are hopeful oil producers will meet their targets in August, saying it was hard to quickly cut production for July so soon after the June agreement. But with the Asian economic crisis showing no signs of easing, analysts are concerned that producers will continue to target European and U.S. ports for their products, keeping prices low as the world remains awash in oil. Crude for September delivery fell 75 cents to $13.05 a barrel; September unleaded gasoline plunged 2.75 cents to 40.65 cents a gallon; September heating oil fell 2.28 cents to 34.44 cents a gallon; September natural gas rose 6.2 cents to $1.895 for each 1,000 cubic feet. biz.yahoo.com