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

To: Zeev Hed who wrote (3041)	6/27/1998 10:05:00 PM
From: Ditchdigger	Read Replies (1) \| Respond to of 5504

Hello Zeev,I think HEC does have an option,but do they have the cash? "Harken has the option to redeem for cash any shares of Series F Preferred presented for conversion if (a) prior to January 9, 1999, the closing price of Harken common stock on the conversion date is less than $4.80, or (b) on or after January 9, 1999, the then applicable conversion price is less than $4.80, for an amount equal to the number of shares of Harken common stock that would otherwise be issuable upon conversion multiplied by the closing price of Harken common stock on the conversion date." DD

To: Zeev Hed who wrote (3041)	6/28/1998 10:56:00 AM
From: R F B, Jr.	Read Replies (1) \| Respond to of 5504

Zeev : Do not agree with your per share value of proven reserves. Is your calculation based on domestic or all reserves? Although I do not like the dilution, believe HEC's Colombian drilling program is being financed with shareholder's best interest at heart. No doubt that previous convertibles issued stalled the stock price at certain levels ($3.125 to be exact) and current issue could keep this a trading range stock for awhile, but early conversion could be forced based on "certain conditions". Assume that price level may be one of those conditions, a hit on one of the many prospects they are currently drilling would do the trick. Would appreciate any number crunching you may like to share now or at some future time. Regards, RFB