Harken Energy Provides Domestic Operations Update
23 August 2004 - 9:00PM
PR Newswire (US)
Harken Energy Provides Domestic Operations Update DALLAS, Aug. 23
/PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) has
released updated production figures and well completion status for
its domestic oil and gas operations, which are located primarily
along the onshore and offshore Texas and Louisiana Gulf Coast.
Currently, Harken's net domestic production rate is approximately
9.2 million cubic feet equivalent per day. Harken is committed to
the continuing development of its domestic operations in 2004 and
has budgeted approximately $9 million to grow its Gulf Coast
operations in 2004. The following field data updates the status of
Harken's domestic drilling projects through the middle of August.
Lapeyrouse Field - Louisiana * Harken has participated in an active
field redevelopment program that has included an interest in 5
successful wells since the fourth quarter of 2003. Harken holds an
average working interest of 10% in the five wells that are together
producing at a combined gross rate of 25 million cubic feet
equivalent per day, for a net production to Harken of approximately
1.9 million cubic feet equivalent per day. * A sixth development
well, in which Harken has a 10% working interest, is currently
being drilled at a measured depth of about 11,400 ft. Total depth
is planned to be 12,600 ft measured depth. * Additional drilling is
planned for the remainder of this year. Main Pass - Louisiana *
Harken is utilizing its increased permit capacity to generate
additional third party processing fees at its offshore platform.
This platform currently serves a number of wells and operators in
the field. * A license to 21 square miles of 3D seismic data has
been recently acquired, covering Harken's currently producing
leases. Reprocessing and interpretation are underway. Raymondville,
Willacy and Kenedy Counties - Texas * Yturria #3-29, in which
Harken has a 27% non-operated working interest, was drilled to a
measured depth of 9,622 feet. The well was subsequently plugged and
abandoned as a dry hole. * Harken is continuing to participate in
an aggressive workover and recompletion program to bring on new
reservoir production. This program has included 13 recompletions to
date this year, of which 12 have been successful. Lake Raccourci
Field - Louisiana * As of August 15, 2004, the Lake Raccourci field
production rate, which had doubled during the first quarter of
2004, is holding at approximately 9.3 million cubic feet per day,
gross. Harken holds a 40% operated working interest in each of its
Lake Raccourci wells. * Harken is presently evaluating prospects in
the field using its 60-square mile reprocessed 3D seismic database.
New 3D Seismic Licenses Acquired - Louisiana * Harken has acquired
a license covering approximately 155 square miles of 3D seismic
data in three (3) different surveys across south Louisiana. The
largest database is in Terrebonne Parish and includes approximately
70 square miles. Approximately 56 square miles is in Cameron
Parish, and approximately 29 square miles in Iberville Parish. "We
are pleased with the results from our domestic operations through
the first half of 2004, and we are confident that further analysis
of our 3-D seismic data will allow us to identify additional new
prospects in these fields," said Jim Denny, President of Gulf
Energy Development Company, a subsidiary of Harken Energy
Corporation. "We continue to be pleased with the performance of our
domestic development plan, especially in south Louisiana. We are
particularly happy to have acquired license to significant
additional 3D seismic data in strategic geological trends, where we
have been successful. This should assure longevity and quality in
our prospect portfolio." Mr. Denny continued, "Our goal for 2004 is
to continue to add production and to generate increased sales of
oil and gas from our domestic assets at reasonable finding costs."
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 and six months
ended June 30, 2004 filed on August 12, 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. For further information
please contact: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation DATASOURCE: Harken
Energy Corporation CONTACT: Bevo Beaven, Vice President, , or Bill
Conboy, Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation Web site:
http://www.harkenenergy.com/
Copyright
Harken (AMEX:HEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Harken (AMEX:HEC)
Historical Stock Chart
From Jul 2023 to Jul 2024