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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: art slott who wrote (4482)	7/27/1999 11:16:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 5504

"ENCOURAGING" NEWS FROM HEC Company press release follows: * * * * * * * * * * Tuesday July 27, 10:21 am Eastern Time Company Press Release SOURCE: Harken Energy Corporation Harken's Laurel #1 Rosa Blanca Log Results are Very Favorable HOUSTON, July 27 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news; ''Harken''), announced today that the second formation evaluation of the Laurel #1 well has been completed and the results are as encouraging as the earlier testing of the well's La Luna zone. This well is the third Harken well drilled on the Company's 250,000 acre Bolivar Association Contract Area in Colombia's Middle Magdalena Valley. The well's Rosa Blanca formation has now been evaluated with a series of electric logs and fracture detection devices which indicated potential pay zones in the formation. The preliminary analysis showed formation characteristics similar to Harken's prior Rosa Blanca well, the Catalina #1, which is approximately 6 kilometers to the northeast. The table below shows the formation analysis from ResTech Houston, Inc., an independent engineering and log evaluation company, compared with the updated analysis of the Rosa Blanca section in the Catalina #1 well that was used by the Company in its reserve report study at December 31, 1998. While the oil saturation is approximately the same as encountered in the Catalina #1 well, the increased porosity (16% more), higher net pay (28% thicker) and the intensity of natural fracturing of the Laurel well are extremely encouraging. Rosa Blanca Formation Characteristics Prior Well Current Well Catalina #1 Laurel #1 Net Productive Formation Thickness 426 547 Average Porosity 5.0% 5.8% Oil Saturation 80% 79% These preliminary results are encouraging and the next critical phase of the well is actually drilling horizontally into the Rosa Blanca formation to see if oil can be produced. This operation involves moving back up the vertical well bore from the target Rosa Blanca formation and beginning to build the hole angle in order to enter the formation at the proper horizontal orientation. The next task requires changing equipment for underbalanced operations and drilling horizontally into the Rosa Blanca structure. If successful in the Rosa Blanca, the well will then be tested for production potential. The drilling and testing operations should be completed in 5 to 6 weeks. Harken's Chairman, Mikel D. Faulkner, said, ''We are encouraged by the formation evaluation results of the Rosa Blanca zone. These results are especially meaningful when coupled with our recently announced positive results of the La Luna formation logs on the well. Our geologic model, which indicates a large fairway of reserves in both the La Luna and Rosa Blanca formations, is strongly supported by the reoccurrence of both these productive zones in the Laurel #1 which is over 6 kilometers from the discovery wells. We continue to be excited by our drilling results on the block.'' Harken Energy Corporation 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 * * * * * * * * * * Apologies for not reformatting so it looks better, but no time to do it. Best to all. Steve EDIT: Semi-re-formatted while on phone "on hold".