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

To: Rod Copeland who wrote (3478)	8/27/1998 10:42:00 AM
From: Don Crespino	Respond to of 5504

Rod I'll have to say for the rest of this year unless WAR breaks out somewhere OIl will not rebound. We are trading December and January contracts already and I don't see much improvement in their prices. I received another margin call today. I think I'll lay off a while, It seems as though I dont know shit about what's going on. Best to stay on sidelines a while. Regards DJC

To: Rod Copeland who wrote (3478)	8/28/1998 12:28:00 PM
From: Hickory	Read Replies (1) \| Respond to of 5504

Rod, The consensus at the 1998 Middle East Petroleum and Gas Conference held in Dubai apparently was that, barring any major disruption of world oil supplies (Mid East war, etc.), supply will continue to outstrip demand probably through 2005 or 2010. Atlantic Basin crude producers are in a major growth phase. All markets west of the Suez can COMFORTABLY live without any MIddle East crude. In addition, 1-2 MMb/d from the circum-Caspian and Central Asian regions will likely be coming on-line by 2002 or so, as will Venezuelan heavy oil.. New technology continues to make rapid advances and will continue to do so at an increasing rate. Existing new technology has increased the chances of drilling success from 1 in 10 to a current 4 in 10 or greater. Many companies are replacing reserves faster than they are depleting them. Also, as you're well aware, further advances will permit successful, economic access to many potential oil fields that in the past have been totally inaccessible. If I'm not mistaken, the U.S. Dept. of Energy, as well, foresees a loose supply situation prevailing through 2005. IMHO those who see the present downturn in oil prices as a temporary aberration in a longer-term uptrend are grasping at straws. Rather, the upward blip in oil prices of 1996-1997 was the aberration in a long-term downtrend that won't be reversed for 5-10 years. By then, alternative energy sources could begin to kick in. They could not replace oil/gas, but they might cushion the effect of increased demand.. Of course, terrorist suitcase-sized atomic bombs could, conceivably, knock out a lot of Atlantic Basin production, etc. etc. But here we're in the realm of all kinds of catastrophes that can be imagined with effects that cannot be accurately foretold. In many of those scenarios stock prices aren't going to matter anyway. Respectfully, Hickory

To: Rod Copeland who wrote (3478)	8/31/1998 3:09:00 PM
From: oilstks	Read Replies (1) \| Respond to of 5504

Rod . I believe this news release from Triton should reconfirm your positive outlook on oil : Hicks, Muse, Tate & Furst to Lead $350 Million Equity Investment in Triton Energy DALLAS--(BUSINESS WIRE)--Aug. 31, 1998--Triton Energy Limited (NYSE: OIL - news) and Hicks, Muse, Tate & Furst Incorporated today announced that they have reached a definitive agreement under which an affiliate of Hicks Muse will lead a $350 million investment in Triton Energy. Under terms of the agreement, Hicks Muse will initially invest approximately $130 million to acquire convertible preferred shares representing approximately 17% of Triton's pro forma common shares outstanding. Following the initial Hicks Muse investment, Triton intends to issue rights to its shareholders to purchase approximately $220 million in additional preferred shares, convertible into approximately 22% of Triton's pro forma common shares outstanding. Hicks Muse will purchase its pro rata share in addition to any shares not subscribed for in the rights offering. Upon completion of the rights offering, the total convertible preferred shares will represent approximately 35% of the company's pro forma common shares outstanding. The preferred shares will be convertible into ordinary shares at $17.50 per share and have an 8 percent coupon. The combined proceeds of the initial Hicks Muse investment and subsequent rights offering, less expenses, will be used to repay borrowings under the Company's existing credit facilities and for general corporate purposes. Both the initial investment, which is expected to be completed within 60 days, and the rights offering, which will follow shortly thereafter, are subject to customary closing conditions. Thomas O. Hicks, Chairman and Chief Executive Officer of Hicks Muse, said: ''We are pleased to enter into this transaction. With the current depressed market price of energy assets, we believe that this is a favorable time to make an investment of this nature. Triton Energy in particular has assembled an outstanding group of world-class assets, and with this investment, Triton will be very well capitalized to take advantage of additional acquisition opportunities that may emerge. We now have in place another strong platform from which to implement our buy-and-build strategy in oil and gas.'' Robert B. Holland, III, Triton's interim Chief Executive Officer, said: ''We are pleased by Hicks Muse's confidence in Triton and its recognition of the substantial value that our assets represent. This transaction should resolve any doubt regarding Triton's financial condition and will position us to take advantage of currently depressed industry conditions. It should also give the Board the best possible opportunity to attract the most qualified CEO candidate available.'' Following completion of Hicks Muse's initial investment, Triton Energy's Board of Directors will be restructured to comprise ten members, four of whom will be named by Hicks Muse. Triton's Board of Directors has obtained an opinion from Lehman Brothers Inc. that the consideration to be received by Triton in the transaction is fair to the Company from a financial point of view. The Triton Energy investment is the second major energy investment announced by Hicks Muse in the past seven days. Last week, Hicks Muse announced that it would invest $250 million in Coho Energy, Inc. (Nasdaq: COHO - news) for an approximately 62% equity stake. These investments represent a new strategic initiative for Hicks Muse, reflecting the firm's confidence in the oil and gas industry's long-term prospects and belief that significant upside can be realized in the sector once the currently depressed pricing environment improves. Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has completed or currently has pending more than 230 transactions with a total capital value in excess of $30 billion. Headquartered in Dallas, the firm also has offices in New York, St. Louis, Mexico City and Buenos Aires.