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Harken Energy Corporation (HEC) Message Board



    Harken"), announced today that its wholly owned subsidiary, Harken de
    Colombia, Ltd., has signed an Association Contract with Ecopetrol, the state
    owned oil company in the country of Colombia. Under this Association
    Contract, Harken has acquired the exclusive rights to conduct exploration and
    development activities in the Miradores contract area, which covers
    approximately 32,000 acres, in the Llanos Basin of Eastern Colombia. Harken
    controls approximately one million acres in Colombia.

    Harken plans to immediately conduct geological studies on the lands
    covered by this contract, including the acquisition of new 3-D seismic and the
    reprocessing of existing 2-D seismic data. The proposed 3-D program will
    cover an area of 50 square kilometers with approximately 60% of the program on
    the Miradores block and the other 40% on the Alcaravan block.

    Harken's Chairman, Mikel D. Faulkner, said, "Harken is extremely pleased
    with the acquisition of this Association Contract from Ecopetrol. The
    Miradores Contract provides Harken with acreage contiguous with our Alcaravan
    Contract and adjacent to our recent Estero #1 discovery well on the Palo
    Blanco prospect. We are excited about the possibility that the Palo Blanco
    prospect will extend onto the Miradores acreage." Faulkner continued, "By way
    of update, all is proceeding on budget and on schedule with regard to the
    Catalina #1 and the second Estero well."

    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, 1996.
    Actual results may vary materially.

    Colombian Exploration

    Events to Monitor

    Last Quarter 1997:
    -- Commenced drilling Catalina #1 on 11/10 - 75 days to drill and complete
    -- Drilling on the 2nd Estero well on 12/16 - 45 days to drill and
    complete (Alcaravan)

    First Half 1998:
    -- Completion of seismic program (Bocachico and Cambulos)
    -- Drilling of two exploratory wells - 75 days each to drill and complete
    -- First production from Rio Negro and Palo Blanco Phase I pipeline
    construction commences (Alcaravan and Bocachico)
    -- Drilling of the Olivio well - 75 days to drill and complete (Bolivar)
    -- Drilling of the Cannacabare exploratory well (Alcaravan)
    -- Drilling of the 3rd Estero well (Alcaravan)

    Second Half 1998:
    -- Drilling of two exploratory wells (Bolivar)
    -- Drilling of two exploratory wells (Cambulos)
    -- Start-up of Palo Blanco Phase I pipeline production (Alcaravan)
    -- Drilling of one exploratory well (Bocachico)

    Historical Track Record

    Well Date Comment
    Alcaravan #1 (Alcaravan) January 1996 Dryhole
    Torcaz #2 (Bocachico) October 1996 Producer - 600+ BOPD
    Estero #1 (Alcaravan) April 1997 Producer - 4000+ BOPD
    Torcaz #3 (Bocachico) May 1997 Producer - 600+ BOPD

    Note: The current drilling schedule is subject to changes due to numerous
    factors, some of which are beyond the Company's control, including permitting,
    equipment scheduling, contiguous area drilling activity, seismic acquisition
    and weather.

    This topic is deleted.
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