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Gold/Mining/Energy : Harken Energy Corporation (HEC)

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To: Rod Copeland who wrote (2368)	1/21/1998 3:17:00 PM
From: Ditchdigger	Read Replies (2) of 5504

(Estero#1)Rochester Minerals Inc. ("Rochester") announced today that the production testing of the Estero #1 well has been completed. This well, located on the Palo Blanco Prospect in the Llanos Basin of Colombia has been drilled to the planned depth of the upper cretaceous sands. Rochester has a 25% beneficial interest in the Estero #1, prior to Ecopetrol participation. The well has been evaluated with a series of electric logs which indicated potential pay zones in the Mirador, Guadalupe and Ubaque formations. In initial production testing of the Ubaque formation, the well produced with an electric submersible pump at a rate of 4116 BOPD. The production rate was limited by the capacity of the submersible pump and the surface storage facilities. The Mirador and Guadalupe formations have not yet been tested. Estero #1 Log Analysis Test Parameter and Production Test Results Gross Productive Formation Thickness (Ubaque only) 40 Feet Net Productive Formation Thickness (Ubaque only) 40 Feet Porosity 25% Oil Saturation 75% Oil Gravity 16.4 Production Rate Ubaque Formation 4116 BOPD Production Rate Mirador & Guadalupe Formations Note (1) Field Development Wells Required Note (2) (1): The Companies plan to produce only from the Ubaque formation at the present time; therefore, the production testing for the Mirador and Guadalupe formations will be postponed until further data has been analyzed. The Estero #1 well is located in close proximity to existing pipeline and road infrastructure which should accelerate start-up of production. (2): The Companies have already identified two additional well locations and will shortly file for drilling permits with the Environmental Ministry. Additionally, the operator, Harken Energy Corporation will soon be applying to Ecopetrol, the Colombian state oil company, for an extended production test and sales period. The Companies have also identified through seismic analysis three additional structures on the Alcaravan block similar to the Palo Blanco prospect. Rochester is optimistic about the potential of these other features in light of the success at the Estero #1. The drilling of these features will likely commence in early 1998. DD

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