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

To: Rod Copeland who wrote (2991)	6/1/1998 1:09:00 PM
From: Arktic	Respond to of 5504

I defer to Rod on this issue. He's very familiar with HEC and has a lot more experience than me with such matters. I think today's pricing will be viewed as a wonderful buying opportunity in retrospect. The most amazing thing to me about HEC is how many successful wells they have drilled in Columbia thus far. If the Cambulos pans out as anticipated, this company will reward patient investors with a very healthy ROI. I must admit, it's tough being patient during such challenging times with oil prices hammered. Personally, I'd agree wholeheartedly that today's annoucement is about "icing" not the HEC main dish. Paul L. Craig

To: Rod Copeland who wrote (2991)	6/1/1998 6:53:00 PM
From: SteveR	Read Replies (2) \| Respond to of 5504

It looks like those "some" saw just that - closing price 4 3/4. Ugh indeed... >Steven, >It was "Extra Icing on the Cake".... and IMHO it provides a clue that the upper two >zones bear watching in future drilling. They had a good "show" or they wouldn't have >been testing. When wildcatting, it is very encouraging to find known productive pay >horizons carrying a "show". It certainly gives the geologists something to work with. >Of course, all some will see is that the zones were not commercial. >Ugh....

To: Rod Copeland who wrote (2991)	6/2/1998 8:41:00 AM
From: Ditchdigger	Read Replies (1) \| Respond to of 5504

Hello Rod et all, From the May 19th press release: biz.yahoo.com "During drilling of the well Harken has encountered a coal seam creating a stratigraphic formation which increases the likely size and potential recoverable reserves of the Palo Blanco field by 200 to 400%." "The two zones tested, known as the Upper and Middle Ubaque have a combined thickness of approximately 50 feet. During preliminary testing the well produced oil from these intervals at a combined rate of 2,036 BOPD with significant water produced from the Middle Ubaque. Harken's earlier production test of the previously drilled Estero #1 discovery well resulted in oil production from the Upper Ubaque formation but did not include a test of the Middle Ubaque." Am I correct in assuming the estimated increase in potential recoverable reserves(200%-400%) was not based on the Guadalupe and Mirador Formations? They did not test the Middle Ubaque in Estero #1,only the upper.What is the possibility of the formation being oil productive(probably with a high water content as in #3)? IMO,I agree(icing on the cake),while the news wasn't good,it doesn't change the fact that the field appears to have greater potential than was originally thought...DD Time to expedite the spur pipeline and get these things pumping....