To all:
Another HEC news release:
> > > Harken's Colombian Reserve Finding Cost Rates at $1.10 Per Barrel
PR Newswire, Thursday, March 18, 1999 at 11:52
DALLAS, March 18 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC)
("Harken") announced today that an analysis of its total cumulative finding
cost rate for proved oil and gas reserves in Colombia was
$1.10 per barrel of oil equivalent ("BOE") as of December 31, 1998.
Additionally, Harken's finding cost rates for the Alcaravan/Miradores and
Bolivar Association Contract areas were significantly lower than this average
at $0.50 and $0.55 per BOE, respectively. These finding costs are composed of
the cumulative exploration costs incurred through December 31, 1998 in
Colombia, including the recent Cambulos block (Islero #1 well) dry hole costs
incurred through that date.
Mikel D. Faulkner, Harken's Chairman stated that, "In 1998, we had one of
the lowest finding costs per barrel in the industry primarily because of our
exploration successes on the Bolivar block. Our 1999 development will focus
on Bolivar, where finding costs were $0.55 per BOE. We continue to be excited
about the potential that our Colombian exploration effort has to add
significant shareholder value."
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, 1998. Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 03/18/99
/CONTACT: J. Marc Lewis of Harken Energy Corporation, 972-753-6900 or
fax, 972-753-6972 or email, mlewis@harkenenergy.com/ < < <
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I must defer to the likes of Paul Craig or Rod Copeland to tell us (or at least me) whether the above is good news, bad news, or just more information.
Steve |
