American Stock Exchange.(Interview)

Publication: Oil and Gas Investor

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COPYRIGHT 2005 Hart Publications, Inc.

Oil and Gas Investor: What is your outlook for the fundamentals and commodity price direction of the oil and gas industry through the balance of 2005?

McGonegal: If I only knew the answer to that! It's very difficult to say, there's so many variables right now and there's so many people involved in that area, whether it's trading futures or actually going and buying the stock. It's a very "crowded trade," as they say on Wall Street, right now. It's kind of difficult to predict, but even with oil and gas prices moving up and gas well above $2 a gallon, I don't think the behavior of the consumer has changed in any way, shape or form. If I can see that, there's probably a lot of producers out there who are thinking the same thing, so I would not be surprised to see oil prices continue to rise.

OGI: How is this likely to impact your level of activity?

McGonegal: We're very committed to the commodity-based companies; be it mineral and mining, be it oil and gas. Those companies recognize the value of the auction market system that we have here. We're very committed to being the exchange of choice for commodity companies, particularly in the oil and gas sector.

OGI: You're outlook of gas prices not...

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