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

To: R F B, Jr. who wrote (4237)	2/24/1999 10:56:00 AM
From: SDR-SI	Read Replies (2) \| Respond to of 5504

TO ALL: News release re: Bolivar Pipeline and future drilling: > > >Harken Announces Receipt of Environmental Permit for Bolivar Pipeline PR Newswire - February 24, 1999 10:00 DALLAS, Feb. 24 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) announced today it has received the environmental permit required for construction of the oil and gas pipelines on its Bolivar Association Contract block in Colombia's Middle Magdalena Valley. The permit is a major step in the process and is required before any construction activity is initiated. Harken is currently negotiating with several entities regarding project financing for the development drilling, pipeline and production facilities on the block. Upon securing acceptable project financing, Harken expects to commence construction of an oil and a gas pipeline to transport production from the block. Since current plans call for pipeline completions in the fourth quarter of 1999 or early 2000, the Company is in the process of increasing its trucking capability on the block to approximately 10,000 gross barrels of oil per day (BOPD). Additionally, Harken is currently installing surface treating equipment for the Olivo #1 well that will facilitate the blending of this crude with that of the other well on the block, the Catalina #1, prior to transportation and sale. Mikel D. Faulkner, Harken's Chairman stated that "The progress at Bolivar continues and we expect to drill our next well on the block during the second quarter of 1999." 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, 1998. Actual results may vary materially. SOURCE Harken Energy Corporation /CONTACT: J. Marc Lewis of Harken Energy Corporation, 972-753-6900, or fax, 972-753-6972, or email, mlewis@harkenenergy.com/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 118626/ /Web site: harkenenergy.com (HEC) < < < Nice to see better news. Steve