BERWYN, Pa., May 27, 2008 – "Where ‘shale’ we look next?" is a play on words that captures what energy companies are now asking themselves in their intensified search for natural gas. High prices and new, cost-effective drilling techniques are encouraging the companies to seek potentially large sources of natural gas in vast shale formations throughout the U.S. That’s the conclusion of the latest Sector Focus commentary by four energy analysts at Turner Investment Partners.

The piece, entitled Shales underground prove a gas in U.S., notes that new shale-gas discoveries in Pennsylvania (a current hotbed of drilling activity, due to its 54,000-square-mile Marcellus Shale formation), Kentucky, Louisiana, and Oklahoma, "could add 23 billion cubic feet of natural gas per day to the nation’s supplies by 2013." The commentary was written by Marc Bianchi, security analyst/portfolio manager; Robb Parlanti, senior portfolio manager/security analyst; Don Smith, security analyst/portfolio manager; and Scott Swickard, security analyst.

The authors contend there’s a risk that the shale-gas boom may generate excess supply that may ultimately soften prices. However, prices are "likely to remain at historically high levels for some time – and perhaps quite some time," they note. "The increasing use of natural gas by utilities could help provide a base for prices and could contribute to consumption rising 20% over the next decade."

The analysts identify 12 energy and drilling companies they believe to be well-positioned to reap the benefits of the shale-gas business: Cabot Oil & Gas, Chesapeake Energy, Devon Energy, Petrohawk Energy, Quicksilver Resources, Range Resources, Southwestern Energy, XTO Energy, Grey Wolf, Helmerich & Payne, Nabors Industries, and Patterson-UTI Energy.

To read this May 2008 Sector Focus in its entirety, see the Turner Investment Partners Web site, www.turnerinvestments.com/sectorfocus. Or call 484-329-2439 for a free copy of the piece.

As of April 30, 2008, Turner held in client accounts 2.8 million shares of Range Resources, 107,970 shares of Cabot Oil & Gas, 2.2 million shares of Petrohawk Energy, 1.2 million shares of Quicksilver Resources, 3.2 million shares of Southwestern Energy, 3.2 million shares XTO Energy, 146,460 shares of Grey Wolf, 1.1 million shares of Nabors Industries, and 230 shares of Patterson-UTI Energy. Turner held no shares of Chesapeake Energy, Devon Energy, and Helmerich & Payne.

The views expressed represent the opinions of Turner Investment Partners as of the date indicated and may change. They are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. Opinions about individual securities mentioned may change, and there can be no guarantee that Turner will select and hold any particular security for its client portfolios. A company’s fundamentals or earnings growth is no guarantee that its share price will increase. Past performance is no guarantee of future results.