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

To: Big Dog who wrote (31780)	11/13/1998 10:05:00 AM
From: Wallace Rivers	Respond to of 95453

Thanks Big, WR

To: Big Dog who wrote (31780)	11/13/1998 10:44:00 AM
From: Tomas	Respond to of 95453

Drilling Costs Rose, API Says The total cost of oil and natural gas drilling operations in the United States rose sharply in 1997 from the previous year, jumping to its highest level in more than a decade, the American Petroleum Institute (API) reported Monday. According to API's 1997 Joint Association Survey on Drilling Costs, the industry spent 46.9% more in 1997 to drill and equip wells than it did in 1996, with total drilling costs climbing to about $16 billion, compared with just $10.9 billion for the previous year. The increase in costs parallels the sharp upswing in the number of wells completed and the footage drilled, which rose to their highest levels since 1991 and 1988, respectively, API said. An emphasis on deep to ultra-deep exploratory objectives -- from 12,500 feet to more than 20,000 feet -- both on- and offshore, fueled the highest average cost per well ever and the highest cost per foot in 15 years. Operators spent $4 billion offshore in 1997, doubling the previous year's levels, with drilling and completion activities in the Gulf of Mexico accounting for 75% of all offshore spending, API said. Onshore spending for deep exploratory oil and gas -- less than 10,000 feet -- also more that doubled in 1997 from the previous year, API said. From The Oil Daily

To: Big Dog who wrote (31780)	11/17/1998 1:07:00 AM
From: ahhaha	Respond to of 95453

Well, so, Dog, what's the scoop on Adair? Is this Red's old operation reincarnated by the grandkids? Going for 7 cents. Might squeeze to 10? Well maybe Saddam will light the smoking lamp. When I was a kid I wanted to join up with Red especially after I saw John Wayne's film. I bought VRC in '94 because they were making money in a tough situation. I know some brokers in a Houston oil specialty brokerage firm, and stood up in the middle of a big deal oil company presentation to declare the horrendous coming bear market in oil in 1980 at the Fairmont Hotel in SF that just about got me tarred and feathered, but that is all my claim to fame about black gold.