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

To: Douglas V. Fant who wrote (39952)	3/14/1999 9:47:00 PM
From: Razorbak	Respond to of 95453

Doug: Good points. <eom>

To: Douglas V. Fant who wrote (39952)	3/19/1999 6:12:00 PM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

Would someone in the industry please provide us some insight on how quickly the increased oil prices will show on the bottom line of the independent E&P's? Do these E&P's normally sell almost all of their oil production on the spot market (instant bottom line boost) or do they usually hedge or have fixed price contracts (deferred earnings boost)? If some of both, what is your best guesstimate of percent spot market versus hedge/fixed price contracts?