Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Richard Mazzarella who wrote (5337)	5/2/2001 12:41:41 PM
From: rohheck	Read Replies (1) \| Respond to of 5504

Harken Releases Summary of First Quarter Domestic Drilling Results HOUSTON, May 2 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today that five of five wells drilled were successful in South Louisiana, the Texas Panhandle and South Texas during the first quarter. In South Louisiana Harken participated in the drilling of the Cenac #1 which tested at a rate of 10+ million cubic feet of gas plus over 400 barrels of condensate per day with no water production. Harken owns a 27.7% working interest in the well and, together with other partners, holds approximately 2700 gross additional acres in the area. Harken also enjoyed success in two South Texas wells drilled, the Yturria 3-6 and the Yturria 3-17. Pay was logged in both wells and prior to the end of the first quarter the Yturria 3-17 well tested at the gross rate of 1500 MCF per day. These wells were drilled in the Raymondville field area and the company holds a 19.7% net revenue interest in those wells. Further development drilling has recently occurred on Harken's properties located in the Texas Panhandle. One well was drilled in each of these fields during the first quarter resulting in pay being logged and casing installed. First production from both wells is expected by mid 2001. Additionally, the Company continues to implement an ongoing plan to optimize production operations through successful workover and recompletion activities. The Company also continued to sell selected producing properties to take advantage of attractive commodity prices and to optimize the overall cost performance of its portfolio of assets. Chairman's Comments. Mikel D. Faulkner, Harken's Chairman stated, "We continue to be very pleased with the performance of our domestic exploitation operations and the high rate of drilling success we have experienced. The first quarter continues this successful trend and will provide Harken with additional new gas production in the coming months as we focus our efforts on supplying the U.S. market during this period of high natural gas prices." 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 Form 10-K. Actual results may vary materially.