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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies -- Ignore unavailable to you. Want to Upgrade?

To: PuddleGlum who wrote (153)	4/2/1999 11:23:00 AM
From: William JH	Read Replies (3) \| Respond to of 318

Another E & P company (MEXP, Miller Exploration) bites the dust: "Due to factors described above, the company's year end reserve value does not support the $37 million it has drawn under its $75 million credit facility." The independent E & P business model does not seem to work for investors, only corporate insiders and stock exchange insiders. Borrow against reserves for exploration, keep borrowing until the price of O & G crashes, then take impairments and writedowns, and on and on.