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

To: jackie who wrote (3972)	12/30/1998 9:44:00 PM
From: SDR-SI	Respond to of 5504

I, too, have been using the current price level as an opportunity to add to my HEC position. IMHO that people should be very careful about attributing price performance and drilling problems to conspiracies between management and certain investors who might profit by downward price movements in the stock. The convergence of the drilling problems with Islero and the purported "floorless bandits window of opportunity to maneuver the stock price" and the fact that all E&P stocks are being hurt by continued softness in the price of crude, makes it impossible to really determine what is responsible for the HEC price decline. The current floorless repricing window will be over in a few days. The drilling problems will either be resolved or be capitulated to within a few weeks. But it looks like our crude price problems won't go away soon; hopefully, they will eventually. As I read my December issue of *WORLD OIL* tonight, searching for some positive hope, I found a series of articles entitled "What's Ahead In 1999". The sub-head of the article says: "Next year may be bumpy for the first six months, followed by gradual improvement, thanks to a few bright spots". However, in one of the related series of articles ("Natural Gas Remains The Bright Spot"), the following non-cheery data is cited: "Federal energy analysts estimate that world oil supply exceeds demand at the current time by 600,000 bpd. With the reduced forecasts for oil demand in Asia, this excess may increase to 800,000 bpd. This excess will suppress any immediate price increase." It looks like we will have to be very, very patient. History is on our side, but for the moment time is against us. Happy New Year to all, and maybe by this time next year single digit and low-teen oil prices will be a memory, rather than a reality. Steve