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

To: SliderOnTheBlack who wrote (44396)	5/10/1999 9:30:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

FOCUS-IEA says OPEC rigorously implements oil cuts By Richard Mably LONDON, May 10 (Reuters) - OPEC oil exporters have moved quickly to meet new self-imposed supply curbs, axeing 1.7 million barrels per day of deliveries to global markets in April, the International Energy Agency said on Monday. The IEA, in its monthly Oil Market Report, estimated Organisation of the Petroleum Countries output in April fell to 26.24 million bpd, putting cartel compliance with the supply limits at a cumulative 85 percent. ''Indications are that May OPEC compliance, measured against the target levels, could be well over 90 percent,'' the agency added. It said that OPEC in total cuts since March last year had sliced 3.7 million bpd from a cumulative target of 4.3 million. In addition, non-OPEC Mexico cut production and exports in line with its pledges and U.S. oil supply fell because of lower Alaskan output, it said. Although oil prices have risen swiftly in recent weeks, the production cuts have yet to be corroborated by a major drawdown of the global inventory stockpile which forced oil prices below $10 a barrel in February. With demand now in seasonal decline, that was probably why oil prices late last week lost ground from recent 16-month highs, the IEA said. Benchmark Brent blend crude futures were valued at $16.35 on Monday after topping $17 last week for the first time since December 1997. ''The serious stockdraw will start in the third quarter and accelerate into the fourth quarter,'' said David Knapp, editor of the IEA report. Data projections from the IEA showed that, at current levels of OPEC output, world oil stocks would contract by a large 1.2 million bpd this year in the 75 million bpd world market. The agency indicated that such a sizeable stockdraw might prove too much even for the likes of oil exporting nations, who want to avoid another boom-bust cycle in prices. ''The critical period is likely to be the second half of the year, when both the seasonal and cyclical demand increase. Under these circumstances, compliance and stockdraw might not both continue.'' Improved oil demand among industrialised countries including Japan and South Korea, saw world oil consumption outstrip supply in the first quarter of the year, even before the new supply cuts were implemented. ''Primarily as a result of a substantial upward revision to demand in the first quarter, the balances now show a global stock draw of 330,000 bpd rather than a previously-expected build of 300,000 bpd,'' the IEA said. It said South Korean demand gained over 10 percent in March and Japan recorded an unexpected rise in consumption. Global oil demand in 1999 is now projected to rise 950,000 bpd to 74.85 million. A potential fly in the ointment for OPEC remains the growing volume of supplies from the former Soviet territories. Exports raced to 3.6 million bpd in April, a post-Soviet era high, as a slump in domestic demand accelerated the export rush. --------------------------------------------------------------------------------

To: SliderOnTheBlack who wrote (44396)	5/10/1999 9:50:00 AM
From: ron peterson	Read Replies (1) \| Respond to of 95453

Picked up some MEXP myself--looks like it could be a winner JMHO Ron

To: SliderOnTheBlack who wrote (44396)	5/23/1999 10:10:00 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

Altman Bankruptcy Predictor Analysis - KCS Energy, Inc. (NYSE:KCS) Stay away from KCS, guys. It looks like it may be going down soon. 03/31/99, Z-score = (1.08) = "Near Death" #reply-9708912 Strictly my opinion, of course. Invest at your own risk, either long or short. Razor PS - More info below. KCS Energy, Inc. Enters Into Forbearance Agreements With Lenders biz.yahoo.com Tuesday May 18, 1:00 pm Eastern Time Company Press Release SOURCE: KCS Energy, Inc. HOUSTON, May 18 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS - news) today announced that the Company has entered into forbearance agreements on each of its revolving bank credit agreements, which provide that the lenders will defer redetermination of the borrowing base until July 1, 1999 and will refrain from exercising their rights and remedies as a result of the existing defaults until June 30, 1999. Under the forbearance agreements, the Company will commit 50% of monthly cash flow to payments of principal, with a minimum of $2 million monthly. In addition, a portion of the proceeds from the sale of any of the Company's oil and gas properties will be dedicated to payment of principal under the facilities. When the forbearance agreements expire, the lenders will be able to exercise their rights under the credit agreements, including declaring the principal balances immediately due and payable. If this should occur, the Company would be unable to pay the amount due in cash, although the Company believes the lenders are fully secured; and the holders of the Company's senior notes and senior subordinated notes would have the right to declare the principal amount of the notes ($275 million) immediately due and payable. The lenders have indicated their intention following the termination of the forbearance period to reduce the Company's borrowing base under the credit agreements. Such a reduction in excess of principal repayments made under the forbearance agreements would necessitate additional repayment of principal, and these payments would have a negative impact on cash availability. As a result of these factors, there is substantial doubt about the Company's ability to continue as a going concern. KCS President and Chief Executive Officer James W. Christmas said, "Although the forbearance agreements are short in duration, they are supportive of the Company's desire to reduce its outstanding debt in an orderly fashion and continue to support current drilling activities and actively pursue new opportunities within our core operating areas." KCS is an independent energy company engaged in the acquisition, exploration, development and production of natural gas and crude oil with operations in the Mid-Continent, Onshore Gulf Coast, Gulf of Mexico and Rocky Mountains regions. To receive KCS' latest news and other corporate developments via fax at no cost, please call 1-800-PRO-INFO. Use company code KCS. See also frbinc.com. This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays and difficulties in developing currently owned properties, the failure of exploratory drilling to result in commercial wells, delays due to the limited availability of drilling equipment and personnel, fluctuations in oil and gas prices, general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. SOURCE: KCS Energy, Inc.