Harken (AMEX:HEC)
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Harken Energy Provides Domestic Operations Update
DALLAS, Aug. 23 /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.
Currently, Harken's net domestic production rate is approximately 9.2 million
cubic feet equivalent 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 middle of
August.
Lapeyrouse Field - Louisiana
* Harken has participated in an active field redevelopment program that
has included an interest in 5 successful wells since the fourth
quarter of 2003. Harken holds an average working interest of 10% in
the five wells that are together producing at a combined gross rate of
25 million cubic feet equivalent per day, for a net production to
Harken of approximately 1.9 million cubic feet equivalent per day.
* A sixth development well, in which Harken has a 10% working interest,
is currently being drilled at a measured depth of about 11,400 ft.
Total depth is planned to be 12,600 ft measured depth.
* Additional drilling is planned for the remainder of this year.
Main Pass - Louisiana
* Harken is utilizing its increased permit capacity to generate
additional third party processing fees at its offshore platform. This
platform currently serves a number of wells and operators in the
field.
* A license to 21 square miles of 3D seismic data has been recently
acquired, covering Harken's currently producing leases. Reprocessing
and interpretation are underway.
Raymondville, Willacy and Kenedy Counties - Texas
* Yturria #3-29, in which Harken has a 27% non-operated working
interest, was drilled to a measured depth of 9,622 feet. The well was
subsequently plugged and abandoned as a dry hole.
* Harken is continuing to participate in an aggressive workover and
recompletion program to bring on new reservoir production. This
program has included 13 recompletions to date this year, of which 12
have been successful.
Lake Raccourci Field - Louisiana
* As of August 15, 2004, the Lake Raccourci field production rate, which
had doubled during the first quarter of 2004, is holding at
approximately 9.3 million cubic feet per day, gross. Harken holds a
40% operated working interest in each of its Lake Raccourci wells.
* Harken is presently evaluating prospects in the field using its
60-square mile reprocessed 3D seismic database.
New 3D Seismic Licenses Acquired - Louisiana
* Harken has acquired a license covering approximately 155 square miles
of 3D seismic data in three (3) different surveys across south
Louisiana. The largest database is in Terrebonne Parish and includes
approximately 70 square miles. Approximately 56 square miles is in
Cameron Parish, and approximately 29 square miles in Iberville Parish.
"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
Jim Denny, President of Gulf Energy Development Company, a subsidiary of Harken
Energy Corporation. "We continue to be pleased with the performance of our
domestic development plan, especially in south Louisiana. We are particularly
happy to have acquired license to significant additional 3D seismic data in
strategic geological trends, where we have been successful. This should assure
longevity and quality in our prospect portfolio." Mr. Denny continued, "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 and six months ended June 30, 2004 filed on August 12,
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/