Harken Energy Corporation (HEC) Message Board

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Gold/Mining/Energy : Harken Energy Corporation (HEC)

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To: Rod Copeland who wrote (4658)	11/2/1999 7:07:00 PM
From: Ed Ajootian	of 5504

Rod, Wouldn't touch this with a ten foot pole at this point, notwithstanding that it is becoming an interesting stock again. They do not have enough cash to maintain their program in Colombia at this point. They are looking for farm-ins and other non-equity or debt financing but so far nothing but development agreements and floorless preferreds, which they have paid dearly to get out of. The only avenue they have successfully used for farm-ins (burnt out Canadian shells) is now closed to them due to the way they treated the two that went down that path earlier. A better use of the cash that is presently being used to buy back stock would be to drill some development wells in their US properties. With today's commodity prices they can probably get under a one-year payback on some low-risk drilling opportunities. Over the next year we will see if Mikel is really the superstar that you say he is. I am interested in the result, but only as a spectator!

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