The mood at NAPE on February 5 and 6 was marked by as much comraderie as always, with registrations up ftrom last year, and more exhibitors as well. People said they had to attend because their absence would be noted, and no matter what is happening in the industry, they come to catch up with friends and hear the buzz. Many were not seeking nor selling prospects, but instead, looking for JV partners. But everyone was asking the same burning questions: Is this the bottom? What do you think? When do you see it turning up again? There are no major speeches, panelists or workshops at NAPE, so no grand pronouncements from on high were forthcoming to ease anyone's mind or provide insight. Instead, a collective sigh of resignation and maybe, hopeful optimism, was present: "We've been through these downturns before, we know what to do, and we'll be fine. Just got to wait it out." Indeed, we heard all of these phrases at one time or another: The industry is dogpaddling. Treading water. Sitting on its hands. Waiting on the sidelines. Drilling to hold acreage and nothing more. Said one E&P executive, "Drilling costs have come down some, but not enough compared to commodity prices. I think they will come down even more, so I am waiting until April or May to drill my wells." Many are waiting--or need to cut back on their drilling plans for other reasons. The U.S. land rig count has come down to about 1,400, vs. a bit more than 2,000 seen at the peak last fall. (Experts predict more rigs will come down, but that the count may in fact bottom out in April, according to The Land Rig Newsletter.) --Leslie Haines, editor-in-chief, Oil and Gas Investor... lhaines@hartenergy.com