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March 19th,1997 COLOMBIA ESTERO #1 WELL IS SUCCESSFUL Parkcrest Explorations Ltd. is pleased to announce today that the production testing of the Estero #1 well has been completed. This well, located on the Palo Blanco Prospect in the Llanos Basin of Colombia has been drilled to the planned depth of the basal cretaceous sands. Project operator is Harken Energy of Dallas, Texas. The well has been evaluated with a series of electric logs which indicated potential pay zones in the Mirador, Guadalupe and Ubaque formations. In initial production testing of the Ubaque formation, the well produced with an electric submersible pump at a rate of 4,116 BOPD. The production rate was restricted due to the capacity of the submersible pump and the surface storage facility at the location. The Mirador and Guadalupe formations have not yet been tested. Test ParameterEstero #1 Analysis & Production Test ResultsGross Productive Formation Thickness 40 Feet (Ubaque Formation only) 40 Feet Net Productive Formation Thickness (Ubaque Formation only) 40 FeetPorosity Oil Saturation Oil Gravity25% 75% 16.4Production Rate Ubaque Formation4,116 BOPDProduction Rate Mirador Formation Production Rate Guadalupe Formation Field Development Wells RequiredNote (1) Note (1) Note (2) Note (1) The operator plans to produce only from the Ubaque formation at the present time; therefore, the production testing for the Mirador and Guadalupe formations will be postponed until further data has been analyzed. The Estero #1 well is located in close proximity to existing pipeline and road infrastructure which should accelerate start-up of production. Note (2) Harken Energy has already identified two additional well locations and will shortly file for drilling permits with the Environmental Ministry. Additionally, Harken will soon be applying to Ecopetrol, the Colombian State oil company, for extended production test and sales period. Harken Energy has already identified through seismic analysis three additional features on the Alcaravan block similar to the Palo Blanco prospect. The operator is optimistic about the potential of these other features in light of the success at the Estero #1. The drilling of these features will likely commence in early 1998. Parkcrest has earned a 25% interest in the Estero #1 and the Palo Blanco Prospect area prior to Ecopetrol participation. Parkcrest will also have certain options to participate in other areas which are all portions of and are included within the Alcaravan Association Contract. On behalf of the board, Robert Lipsett Director | ||||||||||||||
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