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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: R F B, Jr. who wrote (4627)	10/21/1999 4:16:00 PM
From: R F B, Jr.	Respond to of 5504

my information on cash value alone has $0.60/share. don't believe that any PROVEN reserves will be effected at all by the last well's results. probable reserves may be TEMPORARILY effected until answers are found and corrections made. although far from happy and a bit less confident, i still believe that hec will succeed. dead money through end of year i would agree. it is going to take alot of positive news to move this stock. only movement, on any type of news lately, has been down. RFB

To: R F B, Jr. who wrote (4627)	10/22/1999 6:04:00 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 5504

Ray, Guys like you keep me honest! Actually, I made that comment from my vague memory of HEC's book value, which, after I looked at the latest quarter's 10Q, was too low. Book value @ 6/30/99 is something like $162 mm. So if you divide that by number of shares out (about 155 mm, after the Xplor deal) you get just over $1 a share book value. But there are still about $20 mm of floorless development finance funds outstanding, most of which can be converted at any time, at the then quoted price of HEC stock. I don't have the time or inclination to deal with the math and the legalese on that stuff. Maybe Z-man does. Proved undeveloped reserves are subject to downward adjustment by petroleum engineers upon learning new information about the field. Its only proved producing reserves that are relatively safe from being revised. Even those reserves can be revised though, if the wells suddenly reduce their production for example. Hopefully Rod or Paul would correct me if I'm wrong here. In any event, did not mean to come on so strong against this company or its fans. Never like to see any O&G company fail. Best of luck to you guys!