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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: rails99 who wrote (85372)	1/25/2001 8:43:18 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

Harken Energy (HEC) -- Up 31% Today Rails: Hmmm... Interesting chart: quote.yahoo.com Got HEC? <gg> Looks like HEC has had plenty of recent insider trades. Are you sure those weren't sales? Come on, now. You read this thread. Try to keep up, OK. ;-) biz.yahoo.com What is the "merger with XPLOR" all about? Rather than attempt to answer this question directly, let me simply extract a few paragraphs from Harken's last K: On August 19, 1999, Harken merged with XPLOR Energy, Inc. ("XPLOR") whereby XPLOR became a wholly-owned subsidiary of Harken. Through XPLOR, Harken owns operated and non-operated interests in 5 oil wells and 110 gas wells in various counties in South and West Texas... Louisiana Operations - Harken, through Harken Exploration and XPLOR, owns operated and non-operated interests in southern Louisiana. In the St. Martinville area, Harken has 17 oil wells, 1 gas well and 3 overriding royalty interests. In the South Bayou Boeuf area, Harken has 7 oil wells. Through XPLOR, Harken also owns interests in 68 oil wells and 17 gas wells in Southern Louisiana, consisting of operated interests in the Lake Raccourci, Lapeyrouse, Lake Boeuf and Main Pass areas... Harken continues to manage and expand its domestic oil and gas operations. With the August 1999 merger with XPLOR Energy, Inc. ("XPLOR"), Harken added significant proved production to its existing presence in the Gulf Coast areas of Texas and Louisiana. The XPLOR merger, plus the acquisition of selected South Texas and Mississippi prospect acreage in December 1999, give Harken a portfolio of exploration and development program opportunities, which Harken has begun to capitalize on beginning in late 1999, with additional drilling planned throughout 2000. Harken also continues to pursue additional domestic acquisition opportunities. Domestic oil and gas revenues increased from $10.4 million to $16.7 million during the years ended December 31, 1998 and 1999, respectively, due to increases in equivalent barrel production volumes during 1999 from the XPLOR merger, and due to a recovery of crude oil prices during the year... Gross gas revenues increased 57% to $6.9 million in 1999 compared to $4.4 million for the prior year period due to the increased production resulting from the August 1999 merger with XPLOR and the increased South Texas production as a result of new discoveries... Merger with XPLOR -- On August 19, 1999, Harken executed a merger agreement with XPLOR Energy, Inc. ("XPLOR") whereby XPLOR became a wholly-owned subsidiary of Harken. XPLOR explores for, develops and produces oil and gas reserves domestically. The assets of XPLOR consisted primarily of oil and gas property interests located along the Texas and Louisiana Gulf Costs and having an estimated 42 BCFE of proved reserves with a significant amount of additional exploratory acreage. Under the terms of the merger agreement, the holders of the outstanding shares of the preferred stock of XPLOR converted their stock into 7,500,000 shares of Harken common stock, and also received 2,336,066 warrants for the purchase of Harken common stock at $2.50 per share. Additionally, Harken assumed $14,200,000 of bank debt secured by the oil and gas properties of XPLOR. See Note 6 -- Bank Credit Facility Obligations for further discussion of the XPLOR bank debt. No further consideration was issuable under this transaction to any other class of stock of XLPOR and all outstanding shares of XPLOR stock were cancelled under the merger agreement. The merger with XPLOR has been accounted for under the purchase method of accounting. Hope that helps. Finally, I don't know anything about WGOV except that the name of the company is Woodward Governor, and it designs, manufactures and services energy control systems and components for aircraft and industrial engines and turbines. Other than that, I'm pretty ignorant. It's not one of the issues I follow. Best regards, Razor