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Gold/Mining/Energy : Parkcrest Explorations Ltd. (PKC) Harken (HEC) partner -- Ignore unavailable to you. Want to Upgrade?

To: Jeff who wrote (163)	7/11/1998 1:44:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 261

Jeff, I've looked at the prospectus on SEDAR and it paints a pretty bleak picture. I trimmed my position another 6% yesterday and plan to keep selling into any rallies that may come about due to financing announcements. The prospectus has a reserve report in it as of 3/1/98 and the value of the reserves from the Estero 1, discounted at 10%/yr. and discounting all probable reserves by 50%, is a mere C$2.7 mm. The Estero 3 was not able to sustain its 1500 bopd production in the Ubaque formation and the engineers are essentially counting that as a dry hole. The stock being registered in the current prospectus relates to financings and related warrants issued last year, when PKC was on a roll. No investment decisions were made recently to buy stock at the prices that these warrants are set. They have no implication of the current thinking of private investors in PKC. Hopefully PKC will be successful in getting some New Yorkers excited about Escondido and I can get some of my money back.