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: SDR-SI who wrote (4382)	5/19/1999 10:59:00 AM
From: SDR-SI	Read Replies (2) \| Respond to of 5504

WE ARE ON THE MOVE!! RELEASE ON 3RD BOLIVAR WELL FOLLOWS: * * * * * * 05/19 10:16 Harken Starts Third Well on Bolivar Block HOUSTON, May 19 /PRNewswire/ -- Harken Energy Corporation (Amex: HEC) announced today that it has commenced drilling operations on the Laurel 1 well, which will be Harken's third well on the 250,000 acre Bolivar Association Contract Area located in the Middle Magdalena Basin in Colombia. The well is planned to test the Rosa Blanca formation and is planned for a total vertical depth of approximately 8,800 feet with a lateral extension of 4,000 to 6,500 feet. This well will be drilled using the same underbalanced horizontal drilling technique utilized on previous successful wells by Harken on the block. The well is expected to require approximately 75 days to drill plus an additional 45 days to test. The Laurel well location is approximately four miles to the south of the Olivo and Catalina wells on structural trend and is controlled by both seismic and subsurface well data. The Laurel 1 is in very close proximity to the old Trigos 1 vertical well which was drilled by a major oil company in 1954. That well was a vertical test that recovered high quality 40 degree gravity sweet crude oil. By drilling the first horizontal well in the area, Harken hopes to encounter a significantly larger number of producing fractures than was possible with Trigos 1 vertical well. Harken has retained 100% ownership of this prospect, subject to royalty and the ultimate backin interest of Ecopetrol. Mikel D. Faulkner, Harken's Chairman commented, "Harken has already found significant reserves on the Bolivar block in its first two exploratory efforts. Success at the Laurel 1 will provide evidence of significant field extension thereby showing the potential of Bolivar to be one of the most exciting assets in Colombia." 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- 05/19/99 /CONTACT: J. Marc Lewis of Harken Energy Corporation, 281-717-1300, or fax, 281-717-1420, or email, mlewis@harkenenergy.com/ * * * * * * A new well. A higher ownership %. A better state royalty deal. It appears as though things are continuing to move positively. All we need is a successful well to bring us to the next "event". Steve