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

To: Zeev Hed who wrote (3938)	12/28/1998 2:04:00 PM
From: Razorbak	Respond to of 5504

Cynical? Zeev: From one cynic to another, yes, perhaps you are being a little TOO cynical. <g> Don't worry. I won't wait too long to cover. That date sure helps focus the mind. Good luck. Razor

To: Zeev Hed who wrote (3938)	12/28/1998 3:06:00 PM
From: Razorbak	Read Replies (1) \| Respond to of 5504

Company Press Release Monday December 28, 12:45 pm Eastern Time SOURCE: Harken Energy Corporation Harken Announces Islero #1 Well Sidetrack DALLAS, Dec. 28 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC - news) announced today that it has been unable to retrieve all of the drill string on its Colombian Islero #1 well that was stuck in the black shale formation at 7,643 feet last week and it is currently preparing to sidetrack around the problem zone. The sidetrack process involves moving up the hole to 7,133 feet and cutting out of the seven inch casing and then drilling a parallel hole to the expected top of the Cimarrona. By increasing the drilling mud weight while re-drilling the black shale formation, the Company expects to solve the sticking problems previously encountered. If Harken is successful in drilling through the black shale, a five inch steel liner will be set to seal off the zone to prevent future problems. At that time a reduced size drill string assembly will be necessary to complete the drilling. Mud weights will be continuously adjusted in an attempt to control the bottom hole conditions and prevent formation damage in the target zone. This operation and any necessary well testing procedures are expected to take two to three weeks to complete if no other problems are encountered. Mikel D. Faulkner, Harken's chairman and chief executive officer stated that, ''We remain hopeful that the well can be completed with the sidetrack operation. Results of this operation will probably be available sometime in mid January.'' 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 biz.yahoo.com