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

To: Traveling Man who wrote (4088)	1/26/1999 8:31:00 PM
From: R F B, Jr.	Respond to of 5504

TM : Don't know if this was an expensive technical foulup in the field, or simply the nature of the well being drilled. Either way, it took an extra long time to complete with not very impressive results to date. Seems like this may be HEC's 1st failure in Colombia. Think however,no recent news and anticipation of the results as reported today, are already reflected in the recent fall off from $3/share. Stock may settle in at 1 1/2 or 1 5/8 where it becomes a buy for another ride to $3. Believe that HEC may recoup some of their money on this well but will be hardpressed to recover all their expenses. Trust this was a lesson from which we will all benefit in the future. Anyone hear anything from the Strain/Westergard Conferences in NY? RFB

To: Traveling Man who wrote (4088)	1/26/1999 9:57:00 PM
From: Robert Sanders	Read Replies (1) \| Respond to of 5504

Traveling Man, Thanks for the information. I wish it were more positive, but it's better to be informed. So, it sounds like the situation is this: the area where HEC has their contracts is plentiful with oil, but the difficult terrain makes it more expensive and challenging to extract. To compound the problem, the small-fry drillers have a hard time attracting the most experienced people to do the drilling because Columbia is unstable and a dangerous place to work. So, what if HEC ran through their funds for exploration? Are we talking Chapter 11, or would they just sell out to someone else who had the resources to develop these sites? Because it seems like they've already attained substantial reserves in Columbia. Anyone's input is appreciated. I got in pretty low, but am trying to decide what to for the long haul. Thanks. Bob