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

To: Ed Ajootian who wrote (2311)	1/7/1998 11:07:00 AM
From: Frank J. Zecha	Read Replies (1) \| Respond to of 5504

Harken Board Approves Accelerated Program of Exploration in Colombia DALLAS, Jan. 7 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news; ''Harken''), announced today that the Board of Directors unanimously approved an accelerated program of exploration in Colombia. The Board approved an $80 million exploration program for 1998 in the Middle Magdalena and Llanos Basins of Colombia. The Company has contracted for two drilling rigs in support of this program and the related developmental drilling which could result. Three of Harken's contracts, (Bocachico, Cambulos and Bolivar) are located in the Middle Magdalena Basin and two Contracts (Alcaravan and Miradores) are located in the Llanos Basin. These geologic basins have recently provided such ''world class'' discoveries as Triton's Cusiana, Amoco's Opon, Occidental's Cano Limon, and most recently Seven Sea's Emerald Mountain. Harken's Chairman, Mikel D. Faulkner, commented, ''We will undoubtedly be one of Colombia's major explorers in 1998 in what is considered to be the premier exploration arena in this hemisphere. Furthermore, we believe that through the 1998 drilling schedule we will expose our shareholders to prospects with mapped, unrisked potential exceeding eight billion barrels.'' Concluding his remarks, Mr. Faulkner stated, ''Given our acreage inventory and the already identified prospects, we can look forward to continuous high potential drilling in Colombia for several years to come. Our likelihood of success is most certainly increased because of our varied and large portfolio of prospects and unexplored acreage.'' 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, 1996. Actual results may vary materially. HARKEN ENERGY CORPORATION Colombian Exploration Events to Monitor First Half 1998: -- Completion of seismic program (Bocachico, Cambulos) -- Drilling of three exploratory wells (Guadual #1, Sumapaz #1, Frailejon #1) -- 75 days each to drill and complete (Cambulos) -- First production from Rio Negro (Bocachico) -- Palo Blanco Phase I pipeline construction commences (Alcaravan Miradores) -- Drilling of the Olivo #1 well -- 75 days to drill and complete (Bolivar) -- Drilling of the Canacabare #1 exploratory well (Alcaravan Miradores) Second Half 1998: -- Drilling of two exploratory wells (Palenque #1, Reposo #1) (Bolivar) -- Drilling of one exploratory well (Islero #1) (Cambulos) -- Start-up of Palo Blanco Phase I pipeline production (Alcaravan Miradores) -- Drilling of one exploratory well (Alondra #1) (Bocachico) -- Drilling of one exploratory well (Curi #1) (Alcaravan Miradores) -- Drilling of another Palo Blanco well (Mirador Norte #1) (Alcaravan Miradores) -- Drilling of another Torcaz well (Bocachico) Historical Track Record Well Date Comment Alcaravan #1 (Alcaravan Miradores) February 1995 Dryhole Torcaz #2 (Bocachico) October 1996 Producer - 600+ BOPD Estero #1 (Alcaravan Miradores) April 1997 Producer - 4000+ BOPD Torcaz #3 (Bocachico) May 1997 Producer - 600+ BOPD Catalina #1 (Bolivar) November 1997 Currently Drilling Estero (Alcaravan Miradores) December 1997 Currently Drilling Note: The current drilling schedule is subject to changes due to numerous factors, some of which are beyond the Company's control, including permitting, equipment scheduling, contiguous area drilling activity, seismic acquisition and weather. SOURCE: Harken Energy Corporation