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To: SliderOnTheBlack who wrote (43201)	4/25/1999 10:08:00 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Slider: Agree with you that the OSX is headed lower near-term. But the E&P sector might not be the safe haven you assume if crude backs off a buck or two as I think is likely. The E&P companies probably will hold up much better than the OSX, but will almost certainly come down somewhat if crude takes a hit.

To: SliderOnTheBlack who wrote (43201)	4/25/1999 11:35:00 AM
From: James Cherney	Read Replies (1) \| Respond to of 95453

PZE..."A curious exception?" PZE is still only $12/shr in spite of a center article last week in WSJ...Should get a cash flow and earnings lift from oil and gas prices...(more revenues derived from gas than oil) so second quarter should really see a boost...I remember reading somewhere that PZE also holds some 7MM shares of CHV which has had a nice run as of late...Estimating 99 cash flow at $250MM and using an 8X multiplier and dividing by 50MM shares gives a $40/shr potential...An assumption on my part would be that the increase in cash flow would be used to develope their international reserves,BWDIK...Got any thoughts on this curious laggard??? TIA