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To: Maxwell Fashola who wrote (6583)	1/10/1998 8:04:00 AM
From: sand wedge	Respond to of 11888

Please post your source for this information

To: Maxwell Fashola who wrote (6583)	1/10/1998 8:45:00 AM
From: anyer	Read Replies (2) \| Respond to of 11888

Maxwell, Could you please list the # of shares when you post the new list! Is it possible this only means they are holding for their clients thereby decreasing the relevance? Sycamore, That was an offshore picture. I believe a landbased workover rig can be carried with all equipment needed on several trucks. Yes it is an interesting comparison. When I left TEX 4 yrs ago the avg producing well in the state was less than 30 barrels per day. A big well was any that could produce 100 barrels a day. Now CHAR reenters one well and gets 600 bpd. HHLAF drills 3 wells and produces 5000 bpd. The economics of 12$ oil would literally shut down the domestic industry but leave places like KAZ thriving. It's no wonder the smart majors are literally reinventing out of the USA. Mobil gets over 1/2 their earnings from Indonesia's Arun field which is in decline. Chevron announced that they expected to replace ALL the rest of their reserves in the world with their 45% Tengiz concession. No wonder Majors were shaken when CNPC jumped in and upped the ante in KAZ. The only big fields left in US are offshore or Alaska where one accident in either location could literally wreck your company financially with a tort. President of CHAR is former VP of Enron. Mr. McGee VP who has 2million shares is in KAZ now with workover unit. Sell off in CHAR has not been much, certainly not the retracement we have seen in AIPN. CHAR is really a shell for a Guernsey [tax haven] CO. I think you will see more deals like this to avoid the "safe" US legal system. Witness Triton structuring all their Columbian production in a Cayman holding unit. HHLAF had no earnings last yr 12-96 and went to .22 in last qtr; now with forward PE of 6. Very cheap! Can AIPN and CHAR duplicate or exceed; I don't know? But I would rather be holding or buying these COs than the overpriced US market in general. CHAR and AIPN have roughly the same # of shares with CHAR concession 1/10 the estimated size of AIPN concession on 15% basis. So it will be very interesting to see how AIPN and CHAR behave if CHAR announces production. Their goal was to achieve 3000bpd by 1-1-98. Regards, Anyer

To: Maxwell Fashola who wrote (6583)	1/10/1998 3:39:00 PM
From: Sycamore	Read Replies (1) \| Respond to of 11888

Maxwell, Thanks for providing us the list. Yes, it may be a good idea if the source and numbers of shares held by various instutitions come with it next time it becomes available. The shares may be held on street names, nevertheless it pays to know that these institutions are aware of investors serious interests in the stock. However, if they are direct owners, then so much the better. Anyway, it can't hurt either way. Meantime, here is a good link that speculates why the market was down big time last week. biz.yahoo.com Until next week and enjoy your weekend! sycamore