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Gold/Mining/Energy : Parker Drilling Co. -- Ignore unavailable to you. Want to Upgrade?

To: TideGlider who wrote (50)	5/27/1998 11:34:00 AM
From: David Lawrence	Read Replies (1) \| Respond to of 253

DALLAS, May 27 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC) ("Harken"), announced today that it has entered into a continuous drilling rig contract with Parker Drilling Company (NYSE:PKD). Harken now has three rigs under continuous drilling contracts and intends to use this drilling rig to accelerate the drilling program in Colombia. Parker will furnish a modern, fully-equipped rig for continuous drilling use on Harken's association contract acreage in the Middle Magdalena Valley primarily at the Emerald Mountain project where the first well (Islero #1) will be spudded in June. The rig has sufficient capacity to drill exploratory and development wells on all acreage held by Harken. Parker is a leading provider of onshore and offshore drilling and workover services to major, independent and foreign national oil companies. Since its inception in 1934, Parker has been an innovative drilling contractor in the United States and 47 foreign countries, making it one of the most geographically diverse contract drilling companies in the world. Mikel D. Faulkner, Harken's Chairman, stated, "We currently plan to use this additional Parker rig to drill the initial exploratory well (Islero #1) on our high potential Emerald Mountain prospect on the Cambulos contract acreage." Faulkner continued, "Our drilling activity level will increase dramatically with the addition of this third rig. That means more wells drilled sooner on both the Bolivar contract where we have had recent success and the Cambulos contract." 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.