Natural Resources >> Sector Roundtables >> March 1, 2004

ROUNDTABLE FORUM: EXPLORATION & PRODUCTION

Rehan Rashid joined Friedman, Billings, Ramsey Group, Inc., in September 1998 as a Vice President in the energy equity research group, specializing in the oil and gas exploration and production (E&P) sector. He has covered this sector for more than five years. Prior to joining FBR & Co., he was an Associate Analyst at PaineWebber, covering the oil and gas exploration sector. Prior to that, he spent two years at Jefferies Inc. He received his BS in Accounting and his MBA in Finance and Accounting from the University of Houston. Profile
John Gerdes recently joined SWS Securities as Senior Vice President and head of energy equity research, with his principal focus the E&P sector. Prior to joining SWS, he served as a Senior E&P equity analyst at Frost Securities and Raymond James. Preceding his transition to equity research, he worked as an investment banker with Jefferies & Company and Solomon Brothers, specializing in energy transactions. Prior to graduate school, he worked in various technical and management capacities with ARCO and Shell. He received a BS in Petroleum Engineering from the University of Tulsa in 1986 and an MBA with a concentration in Finance from the University of Chicago in 1994. Profile
David M. Heikkinen is Hibernia Southcoast Capital's senior exploration and production analyst. He follows and writes analysis on more than 20 companies. Prior to joining HSC in March 2000, Mr. Heikkinen worked with Shell International Exploration and Production and Shell Offshore both of New Orleans, in various roles, including project management and subsea and reservoir engineering. He received a Bachelor's degree in Mechanical Engineering from the University of Missouri-Rolla and an MBA from Tulane University. Profile
TWST: John, what's gone on from a market perspective in the E&P segment

over the last year or so?

Mr. Gerdes: A year ago you would have evidenced a market sentiment that

suggested fairly