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

To: Arktic who wrote (3367)	8/12/1998 9:46:00 AM
From: SDR-SI	Respond to of 5504

To Paul and all: I had E-mailed Tracy to see if we could get information as to whether or not the ISLERO#1 was spudded as planned. I have not gotten an E-mail answer as yet, but did just get this on the newswire: <<<Harken Announces Drilling Starts for Islero #1 Well on its Cambulos Contract Area PR Newswire, Wednesday, August 12, 1998 at 09:25 DALLAS, Aug. 12 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC) ("Harken") announced today that it has commenced drilling operations of the Islero #1 well, which will be its first exploratory well on the 300,000 acre Cambulos Association Contract Area located in the Middle Magdalena Basin in Colombia. Harken has retained 100% ownership of this Islero prospect, subject to a 7% net profits interest and subject to the ultimate backin interest of Ecopetrol. Harken's Islero #1 well should be drilled to a planned total depth of 8,100 feet. The Islero #1 is a wildcat test of the Upper Cretaceous age Cimarrona formation which is a prolific producer in this area of the Middle Magdalena Basin and the same productive formation at Emerald Mountain. The well is expected to require approximately 60 days to drill plus an additional 30 days to test. As previously announced by Harken, the total potential for the Islero prospect could exceed one billion barrels. The Islero #1 well is intended to test a 10,000 acre prospect located 19.5 kilometers south of, and on trend with, the Emerald Mountain Field that was recently discovered by Seven Seas/GHK. The multi-well Seven Seas/GHK Emerald Mountain Field is expected to be a world class discovery and several energy analysts have indicated that recoverable oil may exceed one billion barrels. Harken currently plans to drill two additional exploration wells after completing the Islero #1 to test two other distinct prospects on the Emerald Mountain feature located on Harken's Cambulos Contract Area. In addition, Harken's seismic program on this acreage has already identified six additional prospects on the large Cambulos area which Harken plans to begin drilling in 1999. Chairman's Comments "We are very excited to start this initial Harken test well on the Emerald Mountain feature in our high potential Cambulos block," stated Mikel D. Faulkner, Harken's Chairman. He added, "Harken has effectively retained over 90% of the working interest prior to the participation of Ecopetrol in these Cambulos prospects. Harken continues to maintain a very strong working capital of $179 million dedicated mainly to fund our Colombia exploratory program. Also, we are anticipating that with the recently announced commencement of crude oil trucking coupled with pipeline construction operations at our Bolivar and Alcaravan blocks, we should soon be producing 6,000 gross barrels of oil per day. As our pipeline projects are completed, we anticipate continuing increases in production levels." 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- >>> PROGRESS!!! Steve