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Harken Energy Commences Seismic Data Study for Rio Verde Contract
in Colombia
Cumulative Production on Rio Verde Contract 48,000 Barrels to Date
DALLAS, May 23 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
announced its 70% owned subsidiary, Global Energy Development PLC (Global), has
commenced work to acquire approximately 56 kilometers of new 2D seismic within
its Rio Verde Exploration and Production Contract in Colombia.
The seismic is being acquired around the two producing wells located on the Rio
Verde acreage, the Tilodiran #1 and Macarenas #1, in order to evaluate and then
proceed with the drilling of additional wells within the contract area. In
addition, a proportion of the seismic is being acquired elsewhere in the
contract area to consider future exploratory wells. The new seismic will be
processed alongside with the reprocessing of 300 kilometers of existing seismic
as required under the terms of the contract.
"The company is very pleased with the progress made in the Rio Verde Contract,"
said Stephen Voss, Managing Director of Global. "The Tilodiran #1 and
Macarenas #1 were rapidly brought on to production following the contract
signing in September last year and have had good ongoing performance."
Cumulative production to date from Tilodiran #1 and Macarenas #1, which
commenced in December 2004 and January 2005 respectively, is approximately
48,000 barrels. "The new seismic data will enable Global to select optimum
locations for further drilling in Rio Verde and we hope to be able to commence
the drilling of Tilodiran #2, before the end of 2005," said Voss.
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.
Certain statements in this announcement including statements regarding future
expectations, objectives, intentions and plans for oil and gas exploration,
development and production may be regarded as "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made. Management's current view and
plans, however, 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. The various uncertainties, variables, and other
risks include those discussed in detail in the Company's SEC filings, including
the Annual Report on Form 10-K/A dated April 13, 2005 and quarterly report on
Form 10-Q dated May 10, 2005. Harken undertakes no duty to update or revise
any forward-looking statements. Actual results may vary materially.
Contact: Bevo Beaven, Vice President
Bill Conboy, Senior Account Executive
CTA Public Relations
303-665-4200
DATASOURCE: Harken Energy Corporation
CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200
Web site: http://www.harkenenergy.com/