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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)
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To: R F B, Jr. who wrote (118)3/20/1997 10:17:00 PM
From: peter hogan   of 188
 
Here's the dirt. First off it was Rochester's geologists from Denver who were giving the presentation not Harken. The well could only be tested up to 4,000 barrels and they think it could have flowed 6,000 - 8,000 for what its worth. They also said there were three pay zones off which only one was tested. They say the one has upwards to 20 MBO in reserves. They think if the other two were tested they'd get similar numbers so total 60 MBO. The rainy season sets in soon so they can't do much more, there won't be a pipeline hookup, they just will be trucking out the oil. I missed your post about Harkens interest recapture and therefore didn't ask it. The only question I asked was if Ecopetrol could back in for 70% because of Harkens aggregate reserves. The answer was no, 70% only applies to one field being bigger than 100 MBO not there total reserves in the country. They also said Ecopetrol is cash strapped right now because of backing in to much larger plays and that they might exercise there option after a year of evaluating this well. The overall consensus at the meeting was that ROR will be going higher but I was totally surprised by today's market action. I hopped I answered some questions of everyone's. I'm going to open myself a beer and try not to think about stocks anymore, when they don't behave like they should I get all pissed off. Tomorrow's another day.

Cheers
Peter
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