Harken Announces Signing Colombian Association Contract
DALLAS, Dec. 29 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC)
("Harken"), announced today that its wholly owned subsidiary, Harken de
Colombia, Ltd., has signed an Association Contract with Ecopetrol, the state
owned oil company in the country of Colombia. Under this Association
Contract, Harken has acquired the exclusive rights to conduct exploration and
development activities in the Miradores contract area, which covers
approximately 32,000 acres, in the Llanos Basin of Eastern Colombia. Harken
controls approximately one million acres in Colombia.
Harken plans to immediately conduct geological studies on the lands
covered by this contract, including the acquisition of new 3-D seismic and the
reprocessing of existing 2-D seismic data. The proposed 3-D program will
cover an area of 50 square kilometers with approximately 60% of the program on
the Miradores block and the other 40% on the Alcaravan block.
Harken's Chairman, Mikel D. Faulkner, said, "Harken is extremely pleased
with the acquisition of this Association Contract from Ecopetrol. The
Miradores Contract provides Harken with acreage contiguous with our Alcaravan
Contract and adjacent to our recent Estero #1 discovery well on the Palo
Blanco prospect. We are excited about the possibility that the Palo Blanco
prospect will extend onto the Miradores acreage." Faulkner continued, "By way
of update, all is proceeding on budget and on schedule with regard to the
Catalina #1 and the second Estero well."
Harken Energy Corporation explores for, develops and produces oil and gas
reserves domestically and internationally. Certain statements in this news
release regarding future expectations and plans for international oil and gas
exploration and development may be regarded as "forward looking statements"
within the meaning of the Securities Litigation Reform Act. They are subject
to various risks, such as the inherent uncertainties in interpreting
engineering data related to underground accumulations of oil and gas, timing
and capital availability, discussed in detail in the Company's SEC filings,
including the Annual Report on Form 10-K for the year ended December 31, 1996.
Actual results may vary materially.
HARKEN ENERGY CORPORATION
Colombian Exploration
Events to Monitor
Last Quarter 1997:
-- Commenced drilling Catalina #1 on 11/10 - 75 days to drill and complete
(Bolivar)
-- Drilling on the 2nd Estero well on 12/16 - 45 days to drill and
complete (Alcaravan)
First Half 1998:
-- Completion of seismic program (Bocachico and Cambulos)
-- Drilling of two exploratory wells - 75 days each to drill and complete
(Cambulos)
-- First production from Rio Negro and Palo Blanco Phase I pipeline
construction commences (Alcaravan and Bocachico)
-- Drilling of the Olivio well - 75 days to drill and complete (Bolivar)
-- Drilling of the Cannacabare exploratory well (Alcaravan)
-- Drilling of the 3rd Estero well (Alcaravan)
Second Half 1998:
-- Drilling of two exploratory wells (Bolivar)
-- Drilling of two exploratory wells (Cambulos)
-- Start-up of Palo Blanco Phase I pipeline production (Alcaravan)
-- Drilling of one exploratory well (Bocachico)
Historical Track Record
Well Date Comment
Alcaravan #1 (Alcaravan) January 1996 Dryhole
Torcaz #2 (Bocachico) October 1996 Producer - 600+ BOPD
Estero #1 (Alcaravan) April 1997 Producer - 4000+ BOPD
Torcaz #3 (Bocachico) May 1997 Producer - 600+ BOPD
Note: The current drilling schedule is subject to changes due to numerous
factors, some of which are beyond the Company's control, including permitting,
equipment scheduling, contiguous area drilling activity, seismic acquisition
and weather. |
