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

To: Razorbak who wrote (3458)	8/23/1998 5:35:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 5504

Razor, you are right that this year's valuation is more rational, but I would say it is still in the "irrational exuberance" zone. Actually comparison with Arakis makes a lot od sense. Strain claims both are sitting on multi billions barrels elephants, they both have "political instability" risks (in Columbia pipe lines are actually blowing up, while in Sudan, the US is only bombing chemical plants, so far), and this year, HEC has the floorless issue (three of them or about $135 MM face value, pretty close their total cash stash). By the way, in you last post, did you imply that HEC announcement that they will buy 5 MM shares within three months was just "talk" and they are not going to act on that? If they are going to act, they should start soon, since they have a limit of how many shares they can buy each day (and they are forbidden from buying half an hour after opening and half an hour before closing, and no more than 80,000 shares at current trading rates). Zeev

To: Razorbak who wrote (3458)	8/23/1998 6:27:00 PM
From: Rod Copeland	Read Replies (2) \| Respond to of 5504

Razor, I posed this question some time ago, and would like to see if you have any resources that might help me find the answer. Basically, I am trying to find out how much domestic production has declined in the last quarter. O & G Journal data is reflecting very insignificant decreases, which I find hard to believe. I have talked to three of my crude oil purchasers, and all have indicated that they are picking up significantly less stateside crude. (They are saying there pickups are off by 20-35 percent from year ago volumes). Perhaps its the nature of our area (primarily stripper wells) and it is not representative of the country. However, stripper production is a a significant percentage of the lower 48's production. I have shut in two-thirds of my wells and I know many others who have done the same, or more. Many are just not going to sell it for $11/bbl. I could fathom that domestic production could easily be down over one million barrels per day. That's a good bit to add to the supply and demand equation. It's just something that has made me curious. Oh, yeah.... Zeev was right. The salt really burns.... especially when one feels it is being applied prematurely (as I do). I don't think the fat lady has sung yet in regard to Abacan. Just as with Harken, management is the key. They have found some new, good (maybe excellent) management. Only time will tell, and I can't lose much more anyway, right? <ggg> If you can shed any light on the domestic info I would gladly buy you a hamburger the next time I see you!! <ggg> Keep Smilin'