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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: grayfish who wrote (68034)	6/12/2000 11:23:00 AM
From: patim	Read Replies (1) \| Respond to of 95453

Large production increases for HEC Monday June 12, 10:02 am Eastern Time Press Release SOURCE: Harken Energy Corporation Harken Gives Production Update HOUSTON, June 12 /CNW/ -- Harken Energy Corporation (Amex: HEC - news) announced today that domestic production rates continue to increase. Company- wide, net domestic production in May has averaged about 1,600 barrels of oil and 13,000 mcf of gas per day. This compares with production numbers during May 1999 of 1,076 barrels of oil and 4,532 mcf of gas per day, representing an increase of 49% for oil and 187% for gas. The increases are due to property acquisitions during 1999 and the Company's successful domestic exploration and development drilling program. Additionally, Middle Americas production rates continue to provide significant cash flows. Company-wide, net Colombian production in May has averaged about 1,100 net barrels of oil per day. The domestic and Middle Americas operations have benefited greatly from oil and gas prices that have been significantly higher than in 1999. Costa Rica Concessions. Work progresses toward obtaining the required environmental permits for the drilling of the first exploratory well on the Company's 1.4-million-acre block in Costa Rica. Harken's environmental impact study is nearing completion and should be filed in mid to late June. The filing of this study is one of the most important steps in obtaining the necessary environmental permits. The Company's Moin prospect contains both Tertiary and Cretaceous drilling objectives. The Tertiary is a reef objective, while the Cretaceous is an 80,000-acre fault-segmented four-way structural closure. While there are significant reservoir and technical risks in the project, the size of the Cretaceous structure is comparable to some of the largest hydrocarbon discoveries in the world. Mikel D. Faulkner, Harken's Chairman stated that, "We continue to be encouraged by our increasing production levels and favorable crud oil and natural gas prices. Cash flow is strong and we expect the trend to continue. "We are very pleased by the information obtained in the 3-D seismic interpretation on our Costa Rican blocks, particularly with regard to our secondary drilling target. Although still considered a high-risk 'wildcat' well, the two possible hydrocarbon bearing targets, the shallower Oligocene reef and the deeper Cretaceous formation, make this the largest structure target we've drilled for in the history of the Company." 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, 1999. Actual results may vary materially. For further information J. Marc Lewis of Harken Energy Corporation, 281-717-1300, or fax, 281-717-1420, or mlewis@harkenenergy.com This puppy won't be under a buck for long IMO