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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU) -- Ignore unavailable to you. Want to Upgrade?

To: Dave M who wrote (301)	4/8/1999 2:20:00 PM
From: andrew r harwood	Respond to of 686

I will try and find out .a lot of the drilling engineers talk to one another about how their various wells are going and thats how i found out about petroquest and thier recent gulf find and the excellent prospects for the further targets that they have from 3 d in one of thier existing fields .of course a good target doesnt mean they will find anything but they are pretty good now at knowing whats down there .the big problem for all these companies has been of course not the difficulty in finding something though some (eg stone has been much better than belco or chesapeake )but the prices realised for oil and gas ,that seems to be turning around but your guess is as good as the chairman of exxon as to whether the turnaround is temporary or not.i live in the oil patch and a year ago they were predicting the downturn to be short and that of course turned out to be way of base. the thing that killed ocean was not its ability to find stuff they borrowed too much money and then didnt have the revenue stream to pay debt servicing costs and also drill more holes with lower resource prices hence the recent merger with seagull. the nice thing about petroquest is that they dont have much debt only have a few employees and thus a low overhead ,a couple of good fields with some excellent prospects and a recent great find in the gulf. ocean has pretty much shut down any further drilling in the gulf for now and the rig count for louisiana was the lowest its ever been according to todays daily advertiser.or course the oil patch is extremely cyclical and the world is running out of oil so it would appear to be close to the bottom right here so provided petroquest survives it should do well but ive been wrong before andy