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

To: Ed Ajootian who wrote (334)	5/12/1999 10:27:00 AM
From: andrew r harwood	Read Replies (1) \| Respond to of 686

well i dont think that petroquest was alone in not drilling much last year in the gulf due to horrible pricing conditions.ocean energy a large mid size exploration company pretty well shut down its gulf drilling also. you just have to look at the historic low levels of rig utilization in the gulf to see that nothing much is going on .the only projects being drilled right now are deep water and deep wells which are long term projects.again i dont think that petroquests stock performance is much worse than say ocean which went from 25 down to 4 and a lot of others. i think that everyone is waiting for stable prices for 6 months prior to making any more drilling descisions.in petroquests case im sure it wants some cash flow before it can do much else.the other point is that one could hardly expect any penny stock to less than speculative this is the nature of the beast .petroquest however has a good shot because they have low expenses and some good properties and not much debt.it is really debt that swallows up these small companies when prices drop.if natural gas prices hold up at these levels then petroquest should do well over the next 6-9months.not much downside risk at these levels .arh