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

To: Ed Ajootian who wrote (2263)	12/20/1997 6:44:00 PM
From: Rod Copeland	Read Replies (2) \| Respond to of 5504

Ed, I can only speak in generalities in regard to the two wells underway at the present time. In regard to the directional well, I think more is being made of the mechanics of this operation than is warranted. Horizontal drilling is common-place in Texas and there has been much learned to reduce the problems of drilling such a critter. However, they are in virgin territory as far as the completion aspect of the well is concerned. Different rocks and first attempt... so if I were going to worry, it would be the completion attempt (setting pipe and putting into production). Horizontal drilling has limited applications, but I know that HEC has studied the formations in question and are satisfied that it is appropriate in this area. Every well is different, and much is learned by "doing". I wouldn't get too upset if the first attempt was a failure, so long as HEC wanted to try again. If they didn't want to try again, then I would be concerned. So far as the Estero #2 goes, it is just a crap shoot. This well will provide much needed additional reserve information. It will not "cinch up the deal" however. If it looks good it will be the impetus for more step outs to delineate the field. This is where it gets tough, because you know you're going to drill a dry hole eventually, and when that happens its quite a setback... not so much in the oil game, but in the stock game. HEC is sitting in a great position, both long term and short term. If they can make a couple of good producers before that first dry hole they will have very smooth sailing. Thanks for the kind remarks.... I will keep my company private for the time being though. Best Wishes, Rod Copeland