Global Intrigue: The Wackiest Rig in Texas

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Faulkner, Harken's current chairman, says his Bahraini partners won't let him discuss terms of the deal, "even with board members." Oil experts figure that Bahrain will keep about 75% of all potential profits, with the rest to be split between Harken and the Basses. Despite a breakup value of about 70 cents a share, Harken stock trades at $5 these days in anticipation of a big initial find on Jarim Reef. Says Houston oil analyst Charles Strain: "In a few years it's either going to be $30 stock or 30 cents, so it's a pretty easy choice for an investor. You either roll the dice or you don't." The last wildcat well, drilled in 1986 by the Kuwaitis, was a total dud. But the hard-luck Harken may be due for a break. If it does find crude, the President's son could be a multimillion-dollar winner.