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

To: KMTMAN who wrote (211)	11/11/1998 10:48:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 261

"Additionally, it is expected that the weather will be dry enough during the fourth quarter to resume testing operations on the Canacabare #1 well. Testing on this well, in the northern Alcaravan Area, had to be suspended earlier because of the rainy season. Final results of that well will be reported as soon as weather permits." *********************************************************************** Above excerpt from an earlier HEC release also bears repeating here. HEC's web page says the Alcaravan contract had 3 mmbo net to HEC on 12/31/97. Then they say in the latest release they had 33.6 mmboe in Columbia on 9/30/98. This is an increase of 1.1 mmboe over the 32.5 mmbo they reported @ 7/1/98. Since 7/1/98 all they've done is the 3D shoot on the Alcaravan. This would imply that the entire 1.1 mmbo increase is attributable to the Alcaravan. Add the 1.1 mmbo to the 3 mmbo they had to start with and you get a total of 4.1 mmbo of proved reserves at the Alcaravan, net to HEC. This means PKC has 2 mmbo net to its interest. Value the oil in the ground at C$5 a barrel and you get an expected value of C$10 mm for PKC, not including any of the probable or possible reserves in the Alcaravan. Kinda neat to see the price of PKC actually sneak ahead of ROH today.