Harken (AMEX:HEC)
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Harken Energy Provides Domestic Operations Update
DALLAS, July 6 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
has released updated production figures and well completion status for its
domestic oil and gas operations, which are located primarily along the onshore
and offshore Texas and Louisiana Gulf Coast.
Harken's net domestic production rate rose to 9,189 thousand cubic feet
equivalent (Mcfe) per day. Harken is committed to the continuing development
of its domestic operations in 2004 and has budgeted approximately $9 million to
grow its Gulf Coast operations in 2004. The following field data updates the
status of Harken's domestic drilling projects through the end of June.
Lapeyrouse Field -- Louisiana
* Thomas Cenac #1, in which Harken has a 28% working interest and is the
operator, is back on production at a gross rate of approximately
800 Mcf per day.
* Harken holds various working interests between 6% and 10% in three
other wells that are together producing at a combined gross rate of
17,100 Mcf per day plus 155 barrels of condensate per day.
* A well in which Harken has a 10% working interest, is currently
completing in the Duval Sand.
* A new development well, in which Harken has a 10% working interest,
was spudded June 23, 2004.
Main Pass -- Louisiana
* Harken has been granted a permit to increase its gas processing
capacity from 27,000 Mcf per day to 41,000 Mcf per day at its offshore
platform that currently serves a number of wells and operators in the
field.
Raymondville, Willacy and Kenedy Counties -- Texas
* Yturria #4-1, in which Harken has a 27% non-operated working interest,
has been completed and stimulated by hydraulic fracturing. The
current production rate is approximately 700 Mcf per day.
* Yturria #3-28, in which Harken has a 27% non-operated working
interest, was drilled to a measured depth of 8,735 feet. The well was
subsequently plugged and abandoned as a dry hole.
* An AFE to drill the Yturria # 3-29 has been approved, with expected
spud in the next 30 days.
* Two additional workover wells, the Yturria #3-5 and Yturria #3-26 have
been approved for immediate implementation.
Lake Raccourci Field -- Louisiana
As of June 30, 2004, the Lake Raccourci field production rate, which had
doubled during the first quarter of 2004, is holding at approximately 9,700
Mcfe per day, gross. Harken holds a 40% operated working interest in each of
its Lake Raccourci wells.
* Drilling prospect, SL 1480 #4 has been downgraded in priority after
new reprocessed seismic data revealed less favorable drilling
economics than initial reports.
* Harken is presently evaluating other prospects in the field using its
60-square mile reprocessed 3D seismic database.
"We are pleased with the results from our domestic operations through the first
half of 2004, and we are confident that further analysis of our 3-D seismic
data will allow us to identify additional new prospects in these fields," said
Alan G. Quasha, Chairman of Harken Energy. "Our goal for 2004 is to continue
to add production and to generate increased sales of oil and gas from our
domestic assets at reasonable finding costs."
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.
For further information, please contact: Bevo Beaven, Vice President, , or Bill
Conboy, Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation.
DATASOURCE: Harken Energy Corporation
CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation
Web site: http://www.harkenenergy.com/