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

To: Gary105 who wrote (5223)	12/27/2000 1:15:50 PM
From: Razorbak	Respond to of 5504

"Harken Commences Olivo #2 Well on Bolivar Block" Wednesday December 27, 11:40 am Eastern Time Press Release SOURCE: Harken Energy Corporation HOUSTON, Dec. 27 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news) announced today that it has begun drilling a new well, the Olivo #2, on its 250,000 acre Bolivar Association Contract block. The well has been designed to test the fracture pattern concentrations detected by the Company's newly acquired multi-component 3-D seismic data. It is hoped that the new state-of-the-art seismic and revised drilling plan will assist the Company in drilling lower cost wells that are capable of greater sustained production rates. Additional technical and operational exhibits are available on the Corporate Overview section of the Company's website at www.harkenenergy.com. The Company believes its Olivo #1 well bore did not efficiently access the La Luna fracture pattern, resulting in limited fracture intersections and limited sustainable production. Even under these negative circumstances, the Olivo #1 has produced approximately 380,000 gross barrels of oil to date. It is believed that by drilling the Olivo #2 directionally utilizing the newly acquired multi-component 3-D seismic data, there will be more well bore intersections with formation fractures, which could result in increased production rates and increased ultimate reserves recovered. The well is expected to encounter the La Luna at 3,600 feet and proceed on a high angle basis until about 4,700 feet of vertical depth. All three productive intervals of the La Luna should therefore be opened for production in the Olivo #2. If this technique is successful, the Company hopes future wells will have higher sustained production with reduced decline rates. The well is budgeted at $3.5 million, approximately 35% of the cost of the earlier wells. Harken owns a 100% working interest in the well. Construction of the Bolivar flowline continues to progress on schedule and is now nearing completion. The flowline construction is expected to be completed by the middle of January with first transportation runs scheduled for early February. Mikel D. Faulkner, Harken's Chairman stated that, ``This is a critical well to the development of the Bolivar contract in Colombia. The key to maximizing operations at Bolivar is reducing drilling costs while at the same time increasing production rates. We are hopeful that the information gained from the multi-component seismic data and the utilization of our revised drilling technique will be an economic breakthrough.'' 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 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 Forms 10-K and 10-K/A for the year ended December 31, 1999. Actual results may vary materially. SOURCE: Harken Energy Corporation biz.yahoo.com

To: Gary105 who wrote (5223)	12/27/2000 1:58:22 PM
From: Rod Copeland	Read Replies (1) \| Respond to of 5504

Gary, Its hard to say, because they have had so much hell with the fractured environment. I can drill a 4,700 ft vertical hole in six to seven days with no tests and no problems. I would guesstimate it will take them at least 30 days. I assume they are drilling this one underbalanced too. That usually adds time to the drilling. I'm afraid all I can do is guess at this time, and my guess could be substantially off base. I'm just glad they're "turning to the right". Getting that flowline in place should really help too. Rod.