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

To: Ed Ajootian who wrote (3103)	7/5/1998 12:27:00 PM
From: R F B, Jr.	Read Replies (1) \| Respond to of 5504

Ed : IMO, no matter how thin you slice the bologna, there's always two sides to it. Zeev certainly has shown support of his case showing/predicting doom from such financing. He does however, acknowledge that he has NOT kept up on all HEC business over the past (2) years or so. Although we don't know exact numbers, we can reasonable speculate that Mikel & HEC know that they have in excess of 1.2 bbo on Bolivar alone. Ecopetrol is after HEC to start a pipeline to this area to start producing. This is a very crucial time for HEC. Once probable reserves are booked proven, you may seen alot of interest in this little company from much bigger companies. Some major may just take a swipe at them once proved reserves are known. Seems like Torcaz was drilled a long time ago and we still have no idea about proven reserves. Zeev pointed out that per share value was $0.69 based on info from the 10K. In the past I had shown how domectic NAV was upwards of $1.25. This may have diminished due to added shares, but the key is that internationally, and Colombia specifically, has only looked upon less than 10% of the acreage contracts owned by HEC as of the time of the 10K. There's no doubt that HEC is worth $7 right now. The stock is under pressure quite possibly from some of the forces mentioned in previous posts. This, hopefully, will not last for long. It is a great buying opportunity while it does last imo. Faulkner is taking us from being a small D & E company into a producer. He has spent prior cash raised through financings with our best interests at heart and should be given the opportunity to continue to develope this fascinating story. I believe his goal is to make the company a producer quickly. I can appreciate the warnings but this train is still on the track...gaining speed...and moving up and over the top. Good luck to us all. RFB