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

To: Rod Copeland who wrote (4169)	2/10/1999 10:27:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 5504

Rod, Harken was unable to get a "real" industry partner for their Alcaravan contract back when oil prices were much higher than presently. They just barely were able to find two burnt out Canadian firms to farm in to that play. It is pretty obvious to me that that route is now closed to Harken. They have never farmed out anything to any real oil company. None of the big ones have any interest in Colombia and anyone who did would insist on being the operator, especially after watching how HEC did with this latest well. Maybe they will find another investment firm to be a sucker like Kayne Andersen. That is their only chance IMO. But even then those guys would probably insist on floorless-type convertible language so they have an exit route in case the well misses, just like the last ones did. Your comment about oilmen not caring how you treated the last partner is directly contrary to everything I've ever heard on this subject. I've talked to a lot of oilmen over the last 4 years or so. It will be interesting to see how high the write-off HEC will take this quarter for this debacle. I'm gonna guess $20 mm. Hey, why doesn't ROCO Petroleum farm into Harken's next well in the Cambulos? I know a clean public shell with $400K of cash in it. ROCO could reverse merge into that and then you can go out and raise $10 mm in a public offering in a couple of months!