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Gold/Mining/Energy : Position Trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (617)	1/26/1999 12:20:00 PM
From: Ward Nicholson	Read Replies (1) \| Respond to of 2259

PRX: It's easy to see why these oil stocks continue to grope for a bottom. Just read the following about RGO for a sense of the sentiment out there...and take a look at RGO's 10-year chart. Ranger Oil Ltd RGO Shares issued 125,966,763 1999-01-25 close $6.15 Tuesday Jan 26 1999 The Globe and Mail reports in its Tuesday edition that Ranger Oil Ltd. has purged its executive suite and is set to announce layoffs among its rank-and-file staff later this week as it cuts costs to weather long-depressed crude prices. A top executive with Calgary-based Ranger, one of Canada's most prominent international oil explorers, acknowledged yesterday that five vice-presidents will be gone by the end of March as the company copes with oil prices that have fallen to 12-year lows. At least two of the executives took early retirement packages. Ranger also said it will likely announce layoffs among the rest of its staff later this week, but would not say what the extent of the cuts would be. Its financial fortunes and stock price have suffered from low prices for oil, especially Canadian heavy oil. It is set to announce a sizable net loss for 1998 in its results, scheduled for Feb. 24. The company lost $54.7-million in the third quarter. It said it will have a loss in the fourth quarter as well. In November, it said it would spend $145-million on its operations in 1999, a 34 per cent drop from 1998 spending. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com