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Harken Energy Corporation (HEC) Message Board

  • president_ted president_ted Apr 27, 1998 7:30 PM Flag


    I can only assume by reading the post from today that many have not read the news about HEC proving their wells. The news is excellant and I encourage everyone to read it immediately. I will refrain from repeating it here to avoid accusations of hyping the value of the stock. But you will notice a significant increase in volume and escalation in value.
    Good luck in all your investments.

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    • SCman,All I can glean from today's press release
      is this:It would be my guess that HEC knows it has
      VERY significant reserves to be booked soon... how
      else could they be thinking of leveraging 80% of a
      Billion dollars on their production?Also it would appear
      they are pursuing a "develop and produce" business
      plan, as opposed to a "find and sell" plan.I believe
      that Bard is making a valid argument in that while so
      many of HEC's press releases and decisions have
      created more questions than they have answered... now we
      are beginning to see the pieces of the puzzle fall
      into place. Things are beginning to make a little more
      sense. I am buying more.Regards,oilseekr

    • Nubbin,
      Its all been in fun! Probably time to
      take a break from all of this .
      Someone is
      threatenting "a Clubbin".
      I noticed there has been quite a
      bit of discussion about testing.
      Let me give you
      my perspective. The testing of the reservoir is
      based upon time released production rates as compared
      to pressure drops over those same intervals. To
      oversimplify it, its like letting the air out of a
      balloon....the bigger the balloon, the less the pressure drop
      over a designated period. Don't want to make it sound
      too simple, but the fact of the matter is that the
      tests are run for an interval of time ( some as little
      as a 24-hour period) and from that a pressure drop
      (along with other associated data such as the amount of
      oil, gas water, condensateis observed and used for the
      reservoir analysis. This data alone is useful...but when
      iit is coupled with the seismic and structural
      mapping data, it forms a very educated analysis of what
      the reserves may be. There are some things which
      complicate this process, like faluts and other structural
      trapping mechanisms, recovery factors, etc.. The faults
      can l tend to divide the overall reservoir into
      individual sub-reservoirs, which may not communicate with
      each other. Hence the full potential of the reservoir
      through the production testing of one or two wells may
      not be realized. In this case, more wells would be
      needed to test all of the sub-reservoirs....and this
      happens at each productive interval in the well. I
      believe that HEC has a good idea of the extent of the
      reservoir and where the structural traps and faults are.
      Unfortunately we don' we will have to wait until they do
      their due diligence in testing the reservoir as they
      see fit. I am advised that Ryder-Scott Petroleum
      Engineers are doing the reservoir analysis and reserve
      calculations. They are a very careful and conservative
      Houston-based group that have been traditionally relied upon by
      banks and lending institutuions to protect the money
      they were lending out on oil & gas ventures.. That's
      good and that's's good because you can
      unquestionably depend upon their numbers,; its bad because they
      are (more often than not) substantially lower in
      their estimates than the actual recoverable reserves
      end up being They have often killed some good oil &
      gas deals based upon their conservatism. Tust me I
      have seen it happen on some of mine. We'll just have
      to wait and see what they come up with..
      I have
      been told that an announcement on ESTERO #3 wil be
      coming out tomorrow. Let's wait and see.

    • " Mr. Oilseeker", being on the same side of the
      fence as HEC, how would you interpret this financing
      deal from a stockholder point of view. Myself I get
      very excited and want to buy more stock, NOW!!!!Any
      insight would be appreciated.

    • Maniac,
      Thats almost FOUR miles away.... thats
      a long way geologically.
      I know that in relative
      terms of distance between wells in Columbia, that seems
      close.... but geologically, its a long, long, way. I think
      a lot of non industry people fail to understand
      this point. Thats why I find HEC's success rate so
      They are doing something right with their geology and
      seismic work!! and.... they are sooooooo
      Finding oil is the hard part and they have been doing

    • The Islero #1 is riskier because it is farther
      south of the 7 Seas field. It is also across a mapped
      fault from the field and the Guadual well. Faults can
      make you or break you and are hard to predict as far
      as there effect on production.

      HEC has two
      Parker rigs under contract.

    • It looks like Islero is adjacent to Guadual and
      that the Islero well is about 6 km from Guadual 1. Is
      this really that far apart geologically speaking? or
      am I misreading the map?

      Thanks for all your
      answers. I sent Bruce Huff a email asking for a breakout
      of the 8 Billion.



    • The rig was to be moved "as soon as possible" to
      drill the Islero No. 1. Some have said the rainy season
      has started down there, so who knows when that will
      be.Whether Guadual or Islero has more potential is something
      else i wouldn't know. The company will have various
      reasons for the timing of drilling different prospects.
      These locations are very far apart geologically
      speaking. I really don't think the Islero will have much
      bearing on the Guadual. However, it should be noted, that
      no matter how the Islero turns out, much will be
      learned from drilling it. These wells are wildcats.
      Serendipity comes into play in this kind of drilling. IMHO,
      HEC has found something really exiting in the Bolivar
      alone. I don't think you would call Bolivar an
      "elephant" yet, but it sure is looking like it may become
      one. Chuck Strain seems to think so too.It was my
      understanding the Estero drilling rig was moved and a
      completion unit for testing was put over the hole.How
      Faulkner breaks out the 8 billion .... I don't know.So for
      all those q's I didn't know, maybe some of the others
      do know the answer.Keep Smilin' and remember
      PATIENCE. Its a hard thing to learn.

    • Questions from Maniac... Major Harken fan, but
      not much expertise on oil drilling!

      They are
      drilling Islero #1 next - do we know exactly when this
      drilling will start?

      Is Guadual considered higher
      potential than Islero? Is it higher potential because is is
      north of Islero and closer to the Emerald Mountain

      If a big strike is found at Islero #1,
      does it improve the prospects for Guadual (it seems to
      me that it would because Guadual is between Emerald
      Mountain and Islero (or is this thinking too simplistic)).

      correct spelling is Cambulos.

      Is Guadual
      considered the elephant, or is the entire section (Guadual,
      Islero, Buganvil, and south emerald) considered the

      where are the two drilling rigs today?? Is the rig at
      Estero #3 a drilling rig or some kind of prodution test
      rig? (is there a difference?)

      Does anyone know
      the breakout of the 8 Billion potential proven
      reserves that Faulker talks about? how many BBB in each
      location (Alcaravan, Bocachico, Cambulos,



    • Am impressed with your familiarity with Harken,
      kire00, and have a question upon which I would greatly
      appreciate you or anyone else on this thread responding

      Are you aware of whether any other drillers other
      than Parker Drilling (PKD) are working for HEC in
      Columbia? My understanding is that PKD has either two or
      three rigs working full time for HEC on a long term
      contract. Also, from what I have been reading on this
      thread and S.I.'s, I am getting the impression that the
      experience PKD is gaining in Columbia is quite unique, i.e.,
      horizontal drilling under very high pressure in very
      difficult to get to locations in a hostile country. The
      only element that is new here as far as Parker is
      concerned is possibly the high pressure horizontal drilling
      but I am not sure.

      Can't help but wonder what
      this experience will be worth to Parker Drilling
      should HEC bag their mega elephant.

      Thx in
      advance for your reply,
      L.C. Bard

    • over a long period of time Bolivar may prove to
      be as proficient as Cambous but on a per well basis
      Bolivar isnt in the same class as Cambous. I am looking
      at what will drive this stock within the next 6
      months and it wont be Bolivar driving it. Cambous gives
      harken the opportunity for a dramatic price increase
      immediately if successful. Bolivar will provide small and
      stready growth. Being very high risk adverse (thats why i
      bought harken) i am looking to bag the elephant. The
      elephant lives in Cambous (Guadual) not in bolivar lease.
      My feeling is that Faulkners shares my feelings
      about Cambous and from what i have heard from
      friends...its the reason he got in Colombia play in first
      place. The count down has started two wells to go
      (Estro, Islero) then then we go Elephant hunting

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