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

To: Don Crespino who wrote (4344)	4/15/1999 11:12:00 AM
From: MF	Read Replies (1) \| Respond to of 5504

HARKEN ANNOUNCES FIRST CRUDE OIL SALES THROUGH PALO BLANCO PIPELINE DALLAS, April 15 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today that it has begun a long-term test of the Estero #1 well by transporting crude oil through its new Palo Blanco field pipeline. The Palo Blanco field is located on Harken's 210,000 acre Alcaravan Association Contract Area in the Llanos Basin of eastern Colombia. It is expected that production and transportation volumes will start at about 400 gross barrels of oil per day (BOPD), gradually increasing over the next few months. Pumping capacity of the down hole equipment currently installed on the Estero #1 well is approximately 4,000 gross BOPD. However, pipeline pressure limitations may limit production rates to a minimum of 3,000 gross BOPD unless additional facilities are installed. Harken owns a 75% interest in the Palo Blanco field, subject to a 50% back-in by Ecopetrol, Colombia's state oil company. During this initial production and transportation period, the well will be closely monitored and evaluated in order to determine the optimum production level. This is a very significant event since Harken's total average daily net production worldwide was 2,300 barrels of oil equivalent during 1998. Mikel D. Faulkner, Harken's Chairman stated that "The initiation of our first pipeline operation in Colombia is an important step in the development of our Colombian asset base. This year, we should show dramatic increases in our production levels as we bring our Colombian discoveries online and continue our drilling efforts." 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- 04/15/99 /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 (HEC) CO: Harken Energy Corporation; Ecopetrol ST: Texas, Colombia IN: