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 (2399)	1/23/1998 5:14:00 PM
From: Ed Ajootian	Read Replies (1) of 5504

Rod, It'll be interesting to see if OPEC can survive this price crash. I believe this is the first time in history that the price of oil went down this low for some reason _other than the Saudis going nuts over-producing. I think many HEC shareholders are thinking similar to Don and the $7 mark is gonna be an all but impenetrable wall, even if HEC hits both of these two wells. I believe one reason the exploration companies get particularly hard hit in a soft commodity price environment is that folks realize they will not be rewarded enough for taking the high risks of investing in these stocks. The hot money is long gone & hard to find in this sector now, and the only ones left are the hard-core O&G guys. A lot of these guys figure why try to be a hero, I'll just hole up in some boring undervalued asset situation (such as ROH & PKC -- couldn't resist!) and be all but assured of making a few bucks when prices come back. Hopefully your company is not too strung out with debt. BTW, do you hedge much of your production? Anyone that's been doing that is obviously in great shape now! One thing on the Estero #3 well. Can you or any of our other resident field experts here either confirm or deny the rumor that the well has been cored and the core samples showed 28 -- 32 degree API oil? If that is true it is great news since it means they can blend that stuff with the heavy stuff down in the Ubaque.

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