It is my pleasure to be with you. I am going to direct most of my comments today to investment in oil and gas by pension plans, including: the major participants in this market; the type of deal structures involved; and perhaps most important, how to position yourself to access this particular market.

First, I feel it's important to look back for a moment to the independents’ historical access to capital and how this market has changed in the 1980's, and, unfortunately, most of the changes have been to the independents’ disadvantage. The independents’ historical source of capital has essentially been three-fold:

  1. internal cash generation,

  2. bank borrowings, and

  3. industry partners.

You can access this article if you purchase or spend a download.