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

To: Gator II who wrote (20417)	4/27/1998 10:54:00 AM
From: Gator II	Respond to of 95453

Harken's _primary_ drilling contractor in Columbia may have an annuity? I believe it is Parker. Can anyone confirm?...Article follows...GATOR II Monday April 27, 10:16 am Eastern Time Company Press Release SOURCE: Harken Energy Corporation Harken Announces Successful Production Test of Olivo #1 DALLAS, April 27 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news; ''Harken''), announced today the results of its production test of the Olivo #1 well located in the Bolivar Association Contract Area in the Middle Magdalena Basin of Colombia. The well tested at a production rate of 10,800 bopd with no water from the Middle Cretaceous naturally fractured Salada (Lower La Luna) formation. Harken believes the production rate was limited by the size of pump and production equipment used. An independent reservoir engineering firm estimates the Olivo #1 and the previously completed Catalina #1 are each capable of producing at rates in excess of 20,000 bopd with larger production equipment. The Olivo #1 well was drilled utilizing the same underbalanced horizontal drilling technology that Harken pioneered in Colombia to drill the Catalina #1. Harken used its experience with underbalanced horizontal drilling to drill 6,029 feet of total horizontal distance as originally planned from the Olivo #1 surface location. Overall total length of the wellbore is 10,215 feet. As a result of this successful production test in the Olivo #l, Harken plans to extend the use of the underbalanced horizontal drilling technology to accelerate exploration and development of Rosa Blanca and La Luna reservoirs in the Bolivar Contract Area. This would be accomplished by assigning additional drilling equipment to this contract area later this year. Harken intends to move the drilling rig used for the Olivo #1 to its Cambulos Association Contract Area to begin drilling the Islero #1 as soon as possible. ''The actual production rate of Olivo #1 was limited by the production equipment even though Harken used the largest pumping equipment available in Colombia. Nevertheless, this successful production test of the Olivo #1 well demonstrates the prolific potential of the La Luna formation and the Bolivar Association Contract,'' stated Mikel D. Faulkner, Harken's Chairman. He added, ''As we said in the past, we believe the majority of the 250,000 acre Bolivar Contract Area is prospective; therefore, we will escalate our plans and focus more drilling equipment on the Bolivar area. We will import larger equipment and construct larger facilities in future Bolivar wells to avoid such production capacity limitations.'' 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, 1997. Actual results may vary materially. The production rates described above are based upon a very limited production period. Such production rates are not necessarily indicative of flow rates that might be achieved if the well is ultimately determined to be commercially productive. SOURCE: Harken Energy Corporation