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

To: shust who wrote (28563)	8/28/1998 9:26:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 95453

Basin Exploration ups 1998 budget DENVER, Aug 28 (Reuters) - Basin Exploration Inc. said Friday it had its revolving line of credit expanded and its exploration and development budget increased for the remainder of the year. The oil and gas company said in a statement its bank group rose its borrowing base from $75 million to $90 million after reviewing its reserves. It also said its board of directors approved an increase in its 1998 budget for exploration and development to $110 million from about $80 million. ''Approximately one-half of the increase is intended to be utilized for development of proved properties, including current year discoveries,'' it said. ''The remainder has been provided for increased investments in prospect inventory and exploratory drilling, in order to capitalize on recent declines in drilling costs in the Gulf of Mexico, where certain rig and supply boat rates have declined by more than 50 percent from peak levels seen earlier in the year,'' it said. Basin Exploration operates in the United States, including the Gulf of Mexico.

To: shust who wrote (28563)	8/29/1998 12:05:00 AM
From: Douglas V. Fant	Respond to of 95453

shust, Yes but the Venezuelans are a handsome and friendly people! You know the origin of the name Venezuela right? The first Spanish explorers saw the Indians living on houses sitting on boats in the lake- so they referred to the area as "little Venice" like Venice,Italy. That is " Venezuela". My guess is that the slowdown in field work will pull about 1mm bbls/day out of the world market involuntarily.We'll still need a demand turn up in Asia to right the market completely- but we are headed in the right direction.... Sincerely, Doug F.