Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Bill McE who wrote (4307)	3/18/1999 4:05:00 PM
From: SDR-SI	Read Replies (2) \| Respond to of 5504

To all: Another HEC news release: > > > Harken's Colombian Reserve Finding Cost Rates at $1.10 Per Barrel PR Newswire, Thursday, March 18, 1999 at 11:52 DALLAS, March 18 /PRNewswire/ -- Harken Energy Corporation (AMEX:HEC) ("Harken") announced today that an analysis of its total cumulative finding cost rate for proved oil and gas reserves in Colombia was $1.10 per barrel of oil equivalent ("BOE") as of December 31, 1998. Additionally, Harken's finding cost rates for the Alcaravan/Miradores and Bolivar Association Contract areas were significantly lower than this average at $0.50 and $0.55 per BOE, respectively. These finding costs are composed of the cumulative exploration costs incurred through December 31, 1998 in Colombia, including the recent Cambulos block (Islero #1 well) dry hole costs incurred through that date. Mikel D. Faulkner, Harken's Chairman stated that, "In 1998, we had one of the lowest finding costs per barrel in the industry primarily because of our exploration successes on the Bolivar block. Our 1999 development will focus on Bolivar, where finding costs were $0.55 per BOE. We continue to be excited about the potential that our Colombian exploration effort has to add significant shareholder value." 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 -0- 03/18/99 /CONTACT: J. Marc Lewis of Harken Energy Corporation, 972-753-6900 or fax, 972-753-6972 or email, mlewis@harkenenergy.com/ < < < * * * * * * I must defer to the likes of Paul Craig or Rod Copeland to tell us (or at least me) whether the above is good news, bad news, or just more information. Steve