TO ALL:
PRESS RELEASE RE: RESERVE GROWTH FOLLOWS (JUST RELEASED)
> > > Harken Announces Substantial 1998 Reserve Growth
PR Newswire, Monday, March 08, 1999 at 10:36
DALLAS, March 8 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC)
("Harken") announced today that an oil and gas reserve evaluation as of
December 31, 1998 has resulted in a substantial increase in proved oil and gas
reserve volumes when compared with December 31, 1997. At December 31, 1997,
total Harken proved reserves were 18,638,000 barrels of oil equivalent
("BOE"). As of December 31, 1998, independent third party engineering firms
estimate that total proved reserves are 49,597,000 BOE.
Colombian proved reserves have increased 365% from 8,864,000 BOE at
December 31, 1997 to 41,235,000 BOE at December 31, 1998. Domestic U.S.
proved reserve volumes decreased slightly since the prior year-end to a total
of 8,362,000 BOE. The increase in the Colombian proved reserves has been
primarily the result of new field discoveries and development activities
during the year. The following table summarizes the reserve growth:
1998 1997
Proved Reserves (BOE) 49,597,000 18,638,000
Future Net Cash Flows $265,888,000 $165,967,000
10% Discounted Net Value of Proved
Reserves $144,851,000 $90,580,000
Mikel D. Faulkner, Harken's Chairman stated that, "In 1998, we almost
tripled proved reserves to 50 million BOE. Our Colombian operation continues
to deliver exceptional reserve growth with low finding costs per barrel. It
is important to note that our Colombian operation has resulted in future net
cash flows from Harken's proved oil and gas reserves increasing approximately
$100 million since last year in spite of the significant reduction in oil and
gas prices. In 1999, we plan to concentrate on the development of our
discoveries in Colombia, particularly on the Bolivar block."
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, 1998.
Actual results may vary materially.
SOURCE Harken Energy Corporation
-0- 03/08/99
/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; < <
Always good to see positive number changes.
Steve
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