To all:
On the news wire:
"Harken Quickens Exploration Pace
PR Newswire, Wednesday, June 10, 1998 at 09:20
DALLAS, June 10 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC)
("Harken") announced today plans to accelerate the drilling schedule on its
Colombian properties. The combination of certain key recent events brought
about by Harken, including the recent new field discoveries, the signing of a
third long-term drilling rig contract and the completion of its recent capital
raising efforts have come together to allow Harken to quicken its exploration
pace in Colombia.
Bolivar -- Four Horizontal Wells in Second Half 1998
Harken has accelerated its plans for drilling four additional horizontal
wells on the Bolivar area during 1998. Two wells (Palenque #1 and Ardilla #1)
will test the Rosa Blanca formation that was earlier confirmed to be
productive by the Catalina #1 well which had an initial production test of
9,680 barrels of oil equivalent per day. Additionally, two wells will test
the La Luna formation (Palenque #2 and Ardilla #2) which was also earlier
confirmed to be productive by the Olivo #1 with initial production tests of
10,800 barrels of oil per day.
Cambulos -- Four Prospects to be Tested in Second Half 1998
Harken's accelerated exploration plan calls for four wells to be drilled
before year-end on its high potential Cambulos area. These wells (the Islero
#1, Frailejon #1, Guadual #1 and Sumapaz #1) will test four different
prospective areas in the northern portion of the Cambulos acreage. The
Cambulos contract area is located on trend and contiguous to the recent
Emerald Mountain discoveries by Seven Seas Petroleum (AMEX:SEV).
Harken plans to move its newest drilling rig to the Islero #1 well site
beginning in mid-June and will commence actual drilling in early July. This
well is expected to take 60 days to drill to total depth and an additional
30 days for production testing.
The Islero #1 well is located on the Emerald Mountain feature
approximately 19 kilometers south of and on trend with the Seven Seas' El
Segundo #6E well. Based upon Harken's interpretation of surface geology and
seismic data, Harken believes that the Emerald Mountain feature extends
approximately 70 kilometers, of which approximately 45 kilometers are located
on Harken's Cambulos area.
Other Contract Area Drilling
Harken will continue its drilling plans for the Palo Blanco field
beginning in the late fall of this year as soon as the dry season returns to
the Llanos Basin. Harken plans to establish facilities that will allow for
year-round all weather development drilling efforts at Palo Blanco. Specific
plans and additional well locations will be finalized following the
interpretation of the 3-D seismic data recently acquired by Harken on this
area.
Harken is currently mobilizing a drilling rig to the Rio Negro area to
drill the Torcaz #5 (the third Torcaz well) which will be a step-out well from
the earlier Rio Negro field discovery. Rio Negro development wells will be
drilled on a lower priority as rig availability permits, or until a fourth rig
can be contracted.
Chairman's Statements
"We are very excited about our recent discoveries, particularly in the
Bolivar and Alcaravan areas," stated Mikel D. Faulkner, Harken's Chairman. He
added, "Due to the recent successful capital raising transaction, coupled with
the addition of the third drilling rig we have both funding and equipment to
allow us to confidently accelerate our total Colombian program."
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 1O-K for the year ended December
31, 1997. Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 06/10/98
/CONTACT: Tracy Wied of Harken Energy Corporation, 972-753-6900, or
Email: tjwied@harkenenergy.com/"
Steve |
