Harken Energy Announces Positive Test Results for an Additional Zone in the Estero 2 Well in Colombia
24 June 2004 - 9:00PM
PR Newswire (US)
Harken Energy Announces Positive Test Results for an Additional
Zone in the Estero 2 Well in Colombia Harken's Subsidiary Plans to
Drill up to 4 New Wells Plus 2 Recompletions in the Palo Blanco
Field During the Next 12 Months HOUSTON, June 24
/PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC)
85% owned subsidiary, Global Energy Development PLC, has perforated
and tested a new zone in its Estero 2 well, located in the Palo
Blanco field in Colombia, SA. The Upper Mirador zone from 7664 feet
to 7668 feet tested at a maximum rate of 432 gross barrels of oil
per day. The measured density of the test crude oil was 37 degrees
pursuant to the measurement standards established by the American
Petroleum Institute. After completing additional testing of the new
zone, Global expects to begin commingling production from the Upper
Mirador with the Ubaque formation, which was already producing 160
gross barrels of oil per day in the Estero 2 well. Global owns a
100% working interest in the Estero 2 well. Based upon the recent
successes in the Palo Blanco field, Global plans to drill up to
four new wells in the field during the next 12 months. In addition,
it plans to recomplete two existing wells that are currently
producing in the Ubaque for additional productivity in the Upper
Mirador. "We are pleased with the test results from the Estero 2
Mirador formation and the positive impact we believe the production
from this new pay zone will have on Harken's future cash flows,"
said Alan G. Quasha, Chairman of Harken Energy. "Our main objective
with this recompletion was to find commercial quantities in the
Upper Mirador zone, which we appear to have done. The test results
from the Estero 2 well continue to support our belief that the
unfolding story of the Palo Blanco field is an exciting one and
that the Palo Blanco field alone provides significant future
potential for Harken Energy." Harken Energy Corporation is engaged
in oil and gas exploration, development and production operations
both domestically and internationally through its various
subsidiaries. Additional information may be found at the Harken
Energy Web site, http://www.harkenenergy.com/, or by calling Bevo
Beaven or Bill Conboy at CTA Public Relations at (303) 665-4200.
This announcement may contain forward-looking statements as defined
by the Securities and Exchange Commission. Harken, however,
believes that it is important to provide this operations update and
communicate its future expectations to its stockholders. The
forward-looking statements in this announcement reflect the current
view of management with regard to future events and are subject to
numerous known and unknown risks, uncertainties and other factors
that may cause the actual results, performance, timing or
achievements of Harken to be materially different from any results,
performance, timing or achievements expressed or implied by such
forward-looking statements. These risks, uncertainties and other
factors include, among others, the risks described in Harken's
filings with the Securities and Exchange Commission including the
Annual Report on Form 10-K for the fiscal year ended December 31,
2003 filed on March 26, 2004 and its Form 10-Q for the quarter
ended March 31, 2004 filed on May 14, 2004. Statements regarding
future production are subject to all of the risk and uncertainties
normally associated with exploration, development and production of
oil and gas. These risks include, without limitation, variability
in the price received for oil and gas production, lack of
availability of oil field goods and services, environmental risks,
drilling and production risk, risk related to offshore operations,
and regulatory changes. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Although Harken believes that
the expectations reflected in the forward-looking statements of
this announcement are reasonable, it can give no assurance that
such expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward-looking statements. DATASOURCE: Harken Energy
Corporation CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation Web site:
http://www.harkenenergy.com/
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