Harken (AMEX:HEC)
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Harken Energy Announces Positive Test Results for an Additional
Zone in the Estero 2 Well in Colombia
Harken's Subsidiary Plans to Drill up to 4 New Wells Plus 2 Recompletions in
the Palo Blanco Field During the Next 12 Months
HOUSTON, June 24 /PRNewswire-FirstCall/ -- Harken Energy Corporation's
(AMEX:HEC) 85% owned subsidiary, Global Energy Development PLC, has perforated
and tested a new zone in its Estero 2 well, located in the Palo Blanco field in
Colombia, SA.
The Upper Mirador zone from 7664 feet to 7668 feet tested at a maximum rate of
432 gross barrels of oil per day. The measured density of the test crude oil
was 37 degrees pursuant to the measurement standards established by the
American Petroleum Institute.
After completing additional testing of the new zone, Global expects to begin
commingling production from the Upper Mirador with the Ubaque formation, which
was already producing 160 gross barrels of oil per day in the Estero 2 well.
Global owns a 100% working interest in the Estero 2 well.
Based upon the recent successes in the Palo Blanco field, Global plans to drill
up to four new wells in the field during the next 12 months. In addition, it
plans to recomplete two existing wells that are currently producing in the
Ubaque for additional productivity in the Upper Mirador.
"We are pleased with the test results from the Estero 2 Mirador formation and
the positive impact we believe the production from this new pay zone will have
on Harken's future cash flows," said Alan G. Quasha, Chairman of Harken Energy.
"Our main objective with this recompletion was to find commercial quantities
in the Upper Mirador zone, which we appear to have done. The test results from
the Estero 2 well continue to support our belief that the unfolding story of
the Palo Blanco field is an exciting one and that the Palo Blanco field alone
provides significant future potential for Harken Energy."
Harken Energy Corporation is engaged in oil and gas exploration, development
and production operations both domestically and internationally through its
various subsidiaries. Additional information may be found at the Harken Energy
Web site, http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200.
This announcement may contain forward-looking statements as defined by the
Securities and Exchange Commission. Harken, however, believes that it is
important to provide this operations update and communicate its future
expectations to its stockholders. The forward-looking statements in this
announcement reflect the current view of management with regard to future
events and are subject to numerous known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, timing or
achievements of Harken to be materially different from any results,
performance, timing or achievements expressed or implied by such
forward-looking statements. These risks, uncertainties and other factors
include, among others, the risks described in Harken's filings with the
Securities and Exchange Commission including the Annual Report on Form 10-K for
the fiscal year ended December 31, 2003 filed on March 26, 2004 and its Form
10-Q for the quarter ended March 31, 2004 filed on May 14, 2004. Statements
regarding future production are subject to all of the risk and uncertainties
normally associated with exploration, development and production of oil and
gas. These risks include, without limitation, variability in the price
received for oil and gas production, lack of availability of oil field goods
and services, environmental risks, drilling and production risk, risk related
to offshore operations, and regulatory changes. Investors are cautioned that
any such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. Although Harken believes that the expectations
reflected in the forward-looking statements of this announcement are
reasonable, it can give no assurance that such expectations will prove to be
correct or that unforeseen developments will not occur. Harken undertakes no
duty to update or revise any forward-looking statements.
DATASOURCE: Harken Energy Corporation
CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation
Web site: http://www.harkenenergy.com/