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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Jeff who wrote (2323)1/10/1998 9:45:00 AM
From: John S. Sturges  Read Replies (1) of 5504
 
Faulkner's statement is his best guess based upon his own 3rd party engineering studies, 40yrs. of history with Columbia oil discoveries and Seven Seas results. HEC's property adjacent to SEV is roughly 10X the size of SEV and is the same general formation. It is believed that the oil flowed north and was trapped first at the HEC Cambulos site and 2 other structures nearby prior to getting to the SEV Emerald Mountain formation. If, and I stress "IF" the HEC area is as full as SEV's Emerald Mountain then they could be on to a mega find. Silly numbers float in the air such as 20billion+ barrels which would make HEC worth over $200shr.(add $10shr. for every 1billion barrels roughly at today's ~150million shares outsanding).
Nothing thus far has been drilled in the Cambulos and so it remains the best guess of an honest man who believes his shares are undervalued and if he is proven correct he will be made very wealthy if HEC goes to $200shr. or higher. His statement reflects his belief that if the current well to be announced in 30dys. is successful HEC could get so much attention along with SEV(to be listed on the AMEX early next week) that a take over bid at a much lower price before some of the biggest prospects can be drilled would prevent him from realizing his full potential in HEC.
Does that all make sense? Faulkner doesn't want you to sell until HEC has drilled the Cambulos.
Best regards,
John
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