Harken Energy Corporation (HEC) Message Board

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

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To: R F B, Jr. who wrote (4112)	2/1/1999 3:23:00 PM
From: Greg Burton	Read Replies (1) of 5504

Hello Raymond: Well this strikes me as very good news indeed. It removes the most immediate threat to us from this edition of floorless financing. As usual Faulkner is as good as his word; he said he would redeem if they played games and he has. He says he can bring Bolivar oil to market for $4 total cost and that these two wells will produce 40k/bbd. Assume $12BBL -$4= $8 x 40k =$320K -20%(for Columbia)=$256k/day until all costs are covered then -50% for Ecopetrol and then the step down. I guess the seismic drilling, pipeline all together must approach $20M. So in a hundred days or so HEC can restore its cash position IF IT GETS THE BOLIVAR PIPELINE FLOWING. Zeev, I expect, or should I say hope, that Faulkner would offer this response to your very valid concerns about cash. Why else would he throw another $20M at buying shares? I will looking intently for an announcement about this pipeline. All the best, Raymond. Greg

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