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

To: upanddown who wrote (44078)	5/5/1999 7:09:00 PM
From: Big Dog	Read Replies (4) \| Respond to of 95453

I found another reason to like UFAB this week. Will do a write up later. Consensus from OTC -- yes, oil prices are up, but nothing else has changed -- but folks are naturally glad oil prices are up. Lots of things to report...but color me TiredDog today! Glad to see a little bit of civility returning here, but Slider and PartyPatrol look to be headed for a collision course in Stupidville. But let's hope not. big

To: upanddown who wrote (44078)	5/5/1999 7:11:00 PM
From: paul feldman	Read Replies (3) \| Respond to of 95453

No one seems to interested in Coastal--- I think its as fine a pure natural gas play as there is in the patch! CPE is a pure gas driller(85%) of reserves are natural gas.

To: upanddown who wrote (44078)	5/5/1999 9:21:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

Here's only the first part of the equation for comparing PZE, APA and APC. I can't directly compare PZE, APC and APA since I can't find PZE's latest 10K at the SEC site. When looking at PZE, keep in mind that for 1997 (from the 10K I could find) only 1/3rd of their income was from E+P and 2/3rds from non-E+P segments of their business (like JiffyLube, their refining business, etc...) while the other 2 companies are more "pure" E+P plays. APC's international business mainly is in Algeria at this time, whereas APA's international business is scattered all over the globe (China, Egypt, Australia, Ivory Coast, etc...) When reading below, keep in mind that the companies are using different measurements (MMbbls and MMboe). From what I could tell by reading the old PZE 10K, their reserves had been falling steadily since 1995 but I don't know if they've increased their totals during 1998. Here's some insight into APA and APC's reserves Anadarko APC As of December 31, 1998, Anadarko had proved reserves of 2.65 trillion cubic feet (Tcf) of natural gas and 494.0 MMBbls of crude oil, condensate and natural gas liquids (NGLs). Combined, these proved reserves are equivalent to 935.1 MMBbls of oil or 5.61 Tcf of gas. The Company's reserves have grown significantly over the past three years, due to substantial natural gas reserves discovered in the Gulf of Mexico and onshore U.S., crude oil reserves discovered in Algeria and Alaska and acquisitions of producing properties. At year-end 1998, Anadarko's total proved reserves were comprised of 47% natural gas and 53% crude oil, condensate and NGLs. As of December 31, 1998, Anadarko had proved developed reserves of 1.64 Tcf of natural gas and 163.7 MMBbls of crude oil, condensate and NGLs. Proved developed reserves comprise 47% of the total proved reserves on an energy equivalent barrel basis. Apache APA As of December 31, 1998 Giving effect to 1998 production, acquisitions, dispositions, revisions and drilling activity, the Company's estimated proved reserves increased by 27.3 MMboe in 1998 over the prior year to 613 MMboe, of which approximately 59 percent was natural gas. Based on 585.7 MMboe reported at year-end 1997, Apache's reserve growth from drilling activity during the year reflects replacement of 236 percent of the Company's 1998 production. Apache's active drilling and production-enhancement program yielded 276 new producing wells out of 383 attempts and involved 590 major North American workover and recompletion projects during the year. At December 31, 1998, Apache held interests in approximately 4,086 net oil and gas wells and 1,803,932 net developed acres of oil and gas properties worldwide. In addition, the Company had approximately 593,204 net undeveloped acres under North American leases and 22,566,883 net undeveloped acres under international exploration and production rights.

To: upanddown who wrote (44078)	5/5/1999 10:07:00 PM
From: The Ox	Read Replies (2) \| Respond to of 95453

Personally, I would prefer to stick to the "pure" E+P play over PZE, where 2/3rds of their business comes outside the E+P sector. I think we will see exploration and drilling come back into favor in the second half of this year. Those companies with large, proven reserves will have the best shot at making the early big bucks. That's why I like my faves, APA, APC and SFY. With about 60% NG reserves, APA might get the nod over APC if you are convinced that having a greater exposure to NG is the key to outperformance in the sector. I welcome other opinions.