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August 31, 2005 Stock Pick: Harken Energy Corporation (HEC)

Stock Price: $0.61

We first released HEC as a stock pick on May 18th at $0.39, it has since hit a high of $0.67. On August 9th, the company reported outstanding results including net income of $15.7 million for the most recent quarter while revenue increased by 44%.

Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries.

HEC is still undervalued at a market cap of only $133 million with another great quarter in the making. Volume has also picked up heavily since the beginning of August increasing the price from the $0.50 level to the current price.

The company has cash of $35.4 million as of June 30th.

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