TO ALL:
HEC Press Announcement RE: ISLERO#1
>>>Harken Announces Islero #1 Well Progress
PR Newswire, Tuesday, December 22, 1998 at 09:15
DALLAS, Dec. 22 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC)
announced today that after setting seven inch casing on the Islero #1 well at
7,616 feet and then drilling out into the black shale that the Company
believes overlies the Cimarrona, it encountered a routine problem resulting in
a stuck drill bit at 7,643 feet. This black shale formation, according to the
Company's geological interpretation, is expected to be just above the target
Cimarrona formation on its Islero #1 well on the 300,000 acre Cambulos
Association Contract Area. After drilling out of the cased hole at 7,616
feet, the well encountered swelling and caving in the black shale that
resulted in the problem.
The Company is currently in the process of recovering the bit from the
bottom of the hole. This operation should be completed in the next few days
so that drilling can continue. Once the hole is cleaned out, the drilling mud
program will be modified to address the swelling problem. When the Company is
through the problem zone, Harken expects to set a five inch steel liner to
seal off the problem formation and prevent further mechanical problems.
Harken's Chairman, Mikel Faulkner stated "The problems encountered in this
section of the well bore are not unusual and we had 'fishing' equipment
already onsite in case such an operation should become necessary. We have
already recovered a large portion of the debris from the bottom of the well
bore and expect to have the remaining pieces out shortly. While this has
delayed us somewhat, it has not changed the well fundamentals or our
expectations."
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, 1997. Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 12/22/98
/CONTACT: J. Marc Lewis of Harken Energy Corporation, 972-753-6900, or
fax, 972-753-6972, or email, mlewis@harkenenergy.com/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 118626/
/Web site: harkenenergy.com;
Best to all.
Steve
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