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

To: Rod Copeland who wrote (5220)	12/19/2000 7:31:08 PM
From: excardog	Respond to of 5504

long suffering longs, traders and HEC sideliners Thought this post from Yahoo summed up fairly well what could happen here. I am not in total agreement with it but enough to say it is pretty well stated: HEC reasons... by: jalla01 12/14/00 4:55 pm Msg: 1917 of 1943 it helps, but HEC is another reverse split victim, just made for year end buying. look at a good chart, HEC has had good year end moves in each of the last 5 years either progressive or spectacular and appears positioned to do it again but this one may make you wish that you'd have hung on to some of your shares IF they find a partner and drill a BIG Costa Rica offshore wildcat and HIT! look at their gross income gains.... realize that they were actually profitable in their last reported quarter, realize that they should be much more profitable in their 4th/4 and going into 2001 but the stock is selling for 18% of last years high and 5% of its $70. (adjusted for the 1x10 RS) high of a few years ago. a buy created by a 1 for 10 that should recover after year end.... their book is about $11., reserve values about $20. - where can i beat that? their management is hated (on the Yahoo board) but i have known the top two guys in the past (both were fellow CPA's in my city) and i know them to be reputable though unlucky when they bet the farm on two prior drilling failures.... they have now built up some good domestic production - emphasizing gas - which gives them a substantial cash flow while they continue to hunt for elephants in Central & South America.... they have some good production in Columbia that is not in rebel territory; but that production has been restrained by pipeline capacity and other problems.... they are drilling two wells there this month and have just completed that 3D on one of their leases which they think will help them. the only negative is some potentially dilative debt due in 2002 some of which has been bought in.... they also are always short of capital so must get a partner to pay for their Costa Rica project.... supposedly they have a clearly defined 3D 80,000 acre closure there.... they will probably all gather around the Christmas tree (map) and sing that favorite old promotional carol, "Do You See What I See"?, and hope that some potential partner will start humming along!.... they can't drill it until after the sea turtles' mating season ends in early summer but there are no trees offshore! so HEC is my second year end buy choice - these first two created by reverse splits.