Good NEWS FROM CATALINA!!!!!
Harken Announces Catalina #1 Formation Evaluation Results are Favorable
PR Newswire, Thursday, January 22, 1998 at 09:16
DALLAS, Jan. 22 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC)
("Harken"), announced today that the formation evaluation of the Catalina #1
well has been completed. This well has been evaluated with a series of
electric logs, whole cores and fracture detection devices which indicated
potential pay zones in the La Luna and Rosa Blanca formations.
Catalina #1 Log and
Formation Evaluation
Formation Characteristic Analysis Results
La Luna Rosa Blanca
Gross Formation Thickness 1,169 Feet 502 Feet
Net Productive Formation Thickness 200 Feet 245 Feet
Porosity 3.6% to 15% 2% to 6%
Oil Saturation 80% to 100% 100%
The formations in the Catalina #1 well (located on Harken's Bolivar
Association Contract in the Middle Magdalena Basin of Colombia) were evaluated
through the vertical portion of the well. With the vertical portion completed
and the liner set in place, the well is now proceeding to be drilled
horizontally in the Rosa Blanca formation. The Company expects to perform a
production test on the well within two to three weeks.
As a result of the encouraging data on the La Luna formation, Harken plans
to drill the Olivo #1 following the Catalina #1 to test the La Luna formation.
Horizontal drilling technologies will also be utilized on the Olivo #1 well.
Harken's Chairman, Mikel D. Faulkner, said, "We are encouraged by the
formation evaluation results of both the La Luna and Rosa Blanca formations.
The frequency of vertical or near vertical fractures as detected by downhole
testing with wireline devices has increased our confidence in the
applicability of horizontal drilling in the Bolivar Association Contract
area." Continuing, Faulkner stated, "In order to expedite future exploration
we have already identified additional well locations and have filed
applications for drilling permits with the Environmental Ministry."
Harken Energy Corporation ("Harken") 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.
SOURCE Harken Energy Corporation
-0- 01/22/98
/CONTACT: Tracy Wied of Harken Energy Corporation, 972-753-6900, or
tjwied@harkenenergy.com/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 118626/
Companies or Securities discussed in this article:
Symbol
Name
AMEX:HEC
Harken Energy Corp
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