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

To: MskiHntr who wrote (3355)	8/10/1998 11:01:00 AM
From: SDR-SI	Respond to of 5504

Harken Announces Second Quarter Results PR Newswire, Monday, August 10, 1998 at 10:28 DALLAS, Aug. 10 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC) ("Harken") reported results for the second quarter ended June 30, 1998 (in 000's, except for per share amounts): Second Quarter Six Months Operations: 1998 1997 1998 1997 Total revenues $4,896 $4,027 $9,258 $8,278 Earnings before interest, taxes, depreciation and amortization (EBITDA) 1,784 1,614 3,006 3,292 Net income 244 46 328 114 Share Data: Net income per common share $0.00 $0.00 $0.00 $0.00 Basic weighted average common shares outstanding 130,452,657 104,638,246 126,394,977 100,640,530 Summary of Financial Condition: June 30, December 31, 1998 1997 Working Capital $178,819 $110,640 Stockholders' Equity $232,740 $157,881 Total Assets $365,569 $238,513 Mikel D. Faulkner, Harken's Chairman added, "We continue to be excited about our new discoveries in Colombia, and with $179 million in working capital, Harken has the financial strength to further develop these assets. The recently announced 266% increase of our proved Colombian reserves at July 1, primarily due to the Bolivar area wells, is great news for our shareholders. We expect that these discoveries will generate significant new oil and gas income during the next six months as we ramp up production through our additional trucking and pipeline construction efforts on the Palo Blanco field in the Alcaravan contract area as well as the Bolivar contract area wells. Within the next 30-60 days, we should be producing and selling 6,000 gross BOPD from our trucking operation and hope to have pipeline capacity in place in early 1999 to increase production significantly." Harken Energy Corporation ("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, 1997. Actual results may vary materially. SOURCE Harken Energy Corporation -0- 0