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

To: Rod Copeland who wrote (2987)	6/1/1998 10:06:00 AM
From: SDR-SI	Respond to of 5504

ON THE WIRE THIS MORNING: Harken Announces Palo Blanco Field Progress PR Newswire, Monday, June 01, 1998 at 09:20 DALLAS, June 1 /PRNewswire/ -- Harken Energy Corporation ("Harken") (AMEX:HEC), announced that the production tests of the final two formations (the Guadalupe and Mirador) in the Estero #3 well, failed to produce oil in commercial quantities. Harken previously announced successful production tests of the Ubaque formation in the Palo Blanco field. Harken will now proceed to establish daily production by trucking until the first-stage pipeline is completed. Harken is currently preparing to lay a pipeline spur 2.3 miles long, connecting this field to the existing pipeline transportation infrastructure. Harken's Chairman, Mikel D. Faulkner, stated, "Although we are disappointed that the Guadalupe and Mirador were not commercial, our efforts at Palo Blanco can now focus on producing the Ubaque formation as quickly as possible. Trucking of oil can commence immediately with pipeline production beginning later this year." 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. SOURCE Harken Energy Corporation -0- 06/01/98