Small-cap E&P companies drilling internationally are often judged-or misjudged-on one or two key wells being drilled,and this neglects the bigger picture."It's amusing to see how we are punished for one dry hole that condemned only 1,500 acres of a 962,000-acre position we have offshore Turkey.Companies do drill dry holes from time to time,"Tom Graves,president and chief executive of Dallas-based Toreador Resources Corp.,said at the New York Society of Security Analysts'oil and gas conference recently."I urge you to keep the focus on our entire portfolio."
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