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

To: Rod Copeland who wrote (2288)	12/30/1997 9:29:00 AM
From: art slott	Read Replies (1) \| Respond to of 5504

Looks like they believe there's oil in them there hills. Harken Sells 1.4% Interest in Three Well Colombian Drilling Program for $7 Million PR Newswire, Tuesday, December 30, 1997 at 09:16 DALLAS, Dec. 30 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC) ("Harken") announced today the completion of a sale of a 1.4% contractual net profits interest in its previously announced Colombian three well program for exploratory drilling in the Middle Magdalena Basin. Three European investment groups acquired this 1.4% interest for $7 million cash. As was previously announced, EnCap Investments L.C. recently purchased a 5% interest in the same program for $25 million. This three well exploratory program contemplates the drilling of one prospect on Harken's Bocachico contract acreage and the drilling of two prospects on the Cambulos contract acreage. The acreage currently identified for these three prospects approximates 20,000 acres out of the 500,000 acres held by Harken under these two association contracts in the Middle Magdalena Basin. Harken's Chairman, Mikel D. Faulkner, stated, "We intend to retain at least a 90% ownership interest in this program in order to maximize the benefit to our shareholders should this exploration be successful. Unless costs increase or our plans change, the $32 million from the sales of this 6.4% interest should provide the majority of the funds that will be required for this three well program." Faulkner continued, "I am particularly pleased that we were able to structure this agreement in such a way that under certain future circumstances any party, or Harken can exchange this interest for equity in Harken at a future market price or cash at Harken's election." Harken Energy Corporation (AMEX:HEC) ("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, 1996. Actual results may vary materially. SOURCE Harken Energy Corporation -0- 12/30/97 /CONTACT: Tracy Wied-Buchanan of Harken Energy Corporation, 97