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

To: A. Fineigler who wrote (30565)	10/9/1998 11:45:00 PM
From: Harold S.	Respond to of 95453

I have a question. What is the best el cheapo driller stock out there. I am looking for one that has gone from high heights to very low lows (like under 2 bucks) merely because of the lack of demand for oil lately. Someone please point me in the right direction.

To: A. Fineigler who wrote (30565)	10/9/1998 11:49:00 PM
From: Grommit	Read Replies (1) \| Respond to of 95453

OT GLM/ESV? -- Sell both and buy F or DH, and sleep more soundly. You will then not need worry about the whims of OPEC and the needs of Venezuela to make a buck. I have come to that conclusion. This sector sucks and will for a long while. Also check SCI, BD -- want some risk but a good double+ chance -- CTI. If you want more, send me a private message. If you want oil, what do you think of HLX and RIG?

To: A. Fineigler who wrote (30565)	10/10/1998 12:53:00 AM
From: shust	Read Replies (1) \| Respond to of 95453

Fineigler, Good questions. I own both too. GLM has more debt than ESV. I know a few people who work for ESV that think they are too big to be aquired and have spoken about GLM being a possible aquisition target for someone. I have just finished reading a lengthy report about the downside potential for our dear drilling stocks. It talks about using asset values relative to their historical replacement cost. Getting down to numbers the research stated that offshore drilling stocks bottom at around 30-35% of replacement value. I don't want to spend hours rewriting what I read as it would bore everyone, but here are a few of the companies they stated as having potential downside prices with reference of 30-35% replacement values. Stock prices would be: ESV $9.4 FLC $8.2 GLM $5.6 RDC $13.1 RIG $14.1 It's been a bloodbath. My only stock that has done well the past two weeks has been the Russian telecom co. Rostelcom. I'm up 40%. Go figure. The rest have been dogs. Just like everyone elses. Someday we will be happy. When, I don't know. All my oil friends say don't sell at these levels. Best of luck, shust