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

To: thomas hayden who wrote (36816)	2/4/1999 7:04:00 PM
From: Platter	Respond to of 95453

Thomas, I agree, we could see 14.00 on FGI before earnings.HOUSTON, Feb. 4 /PRNewswire/ -- EOTT Energy Partners, L.P. (NYSE: EOT) (EOTT) announced today that it has signed a letter of intent to purchase crude oil transportation and storage assets in key oil producing regions from Texas- New Mexico Pipe Line Company. EOTT expects to close the transaction on April 1, 1999 and will pay $35 million in cash. The asset purchase will include approximately 2,000 miles of common carrier crude oil pipeline in Southeast New Mexico and West Texas, bringing EOTT's crude oil pipeline mileage to a total of approximately 8,500 miles. "This acquisition will fit extremely well with EOTT's existing presence in West Texas and New Mexico," said Michael D. Burke, president and CEO of EOTT. "We are in a unique position to provide enhanced flexibility to shippers on the Texas-New Mexico Pipe Line system and are committed to providing a smooth transition. In addition, the system's stable revenue base will help strengthen the dependability of EOTT's cash flow." EOTT Energy Partners, L.P. is a major independent marketer of crude oil in the United States and Canada. Together with its predecessors, the Partnership has been serving the petroleum industry since 1946. Both EOTT Energy Partners, L.P. and EOTT Energy Corp., the general partner, are headquartered in Houston, Texas. The common units of EOTT Energy Partners, L.P. trade on the New York Stock Exchange under the symbol "EOT." This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EOTT Energy Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from the expectations reflected in the forward looking statements herein include, but are not limited to, whether or not the parties successfully negotiate the definitive agreement and close of the asset acquisition occurs, and, if it occurs, EOTT's success in integrating the Texas-New Mexico Pipe Line assets into EOTT's field and administrative operations and prevailing market conditions. All subsequent written or oral forward looking statements attributable to EOTT, or persons acting on its behalf, are expressly qualified in their entirely by the foregoing cautionary statements. SOURCE EOTT Energy Partners, L.P. -0- 02/04/99

To: thomas hayden who wrote (36816)	2/4/1999 7:06:00 PM
From: Platter	Respond to of 95453

Help is on the way!!!....NEW YORK, Feb 4 (Reuters) - The U.S. energy industry has cut almost 25,000 jobs since oil prices began to collapse 15 months ago, and thousands more will be lost unless prices recover soon, according to a study released Thursday. The study, conducted by the Independent Petroleum Association of America (IPAA), comes after one of the worst years on record for the oil industry, with prices dropping as much as 50 percent. In 1998, the average price of crude oil at the wellhead was about $11.25 a barrel, the trade group said in its study, based on a survey of 720 oil and gas companies. The Washington D.C. trade group warned that unless prices rise to an average of $14 a barrel for the next six months, another 208,000 oil and gas wells will be closed while 17,000 more U.S. jobs could be lost. Such losses have shut down an estimated 136,000 oil and 58,000 natural gas wells in the United States since November 1997, or about one-fifth of the nation's total producing wells, the study found. "These numbers are significant not only in terms of economic impact and employment, but also because once these wells are abandoned, access to the resource base tapped by these wells is gone forever," Gill Thurm, president of the IPAA said in a statement. The survey results indicate that 360,000 barrels per day, or about six percent of nation's total crude oil production, has been lost because of low prices, and that some two million bpd could be at risk. Meanwhile, Thurm applauded a plan unveiled by the U.S. Interior Department Thursday designed to aid low-volume oil producers with wells located on federal lands. The plan would allow companies operating "stripper" wells, those producing less than 15 bpd, to suspend operation on federal lands for up to two years without losing their leases. But Thurm cautioned more still needs to be done. "We are urging the Clinton administration and Congress to find a way to save this industry, which is dying on the vine."