Harken Energy Announces $34 Million Capital Expenditure Budget for 2005
February 17 2005 - 5:00AM
PR Newswire (US)
Harken Energy Announces $34 Million Capital Expenditure Budget for
2005 Harken Increases Drilling and Development Budget by 87% Over
2004 DALLAS, Feb. 17 /PRNewswire-FirstCall/ -- Harken Energy
Corporation (AMEX:HEC) announced its 2005 capital expenditure
budget totaling approximately $34 million for its two principal
subsidiaries, representing an 87% increase from Harken's 2004
capital expenditure budget. Harken anticipates funding its 2005
capital programs from cash on hand and internally generated cash
flow from operations. Harken's 85%-owned subsidiary, Global Energy
Development PLC ("Global"), which operates in Colombia with
additional agreements in Peru and Panama, has budgeted
approximately $18 million of capital expenditures in 2005 to
continue to develop its crude oil assets in Middle America. The
majority of Global's 2005 capital expenditure plans are targeted
for Global's operations in its Palo Blanco Field, Bolivar Field and
Rio Verde Field in its existing Association and Exploration and
Production Contracts in Colombia. Global's capital expenditure
budget also includes costs for other seismic and exploration
activities in Peru, Panama and Colombia. Harken's principal
domestic subsidiary, Gulf Energy Management Company ("GEM"), whose
primary operations are along the Gulf Coast of Texas and Louisiana,
has budgeted approximately $16 million for its field development
activities in 2005. GEM's projected 2005 capital budget targets
exploration and development drilling in the Lapeyrouse Field, Lake
Raccourci Field, Main Pass Field and other fields along the Texas
and Louisiana Gulf Coast. Harken 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 Harken's 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 including terms such as "anticipates" and
statements relating to expectations as to programs, projects,
development and growth. . 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 September 30, 2004 filed on
November 5, 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 statement. Contact: Bevo Beaven, Vice
President Bill Conboy, Sr. Account Executive CTA Public Relations
303-665-4200 DATASOURCE: Harken Energy Corporation CONTACT: Bevo
Beaven, Vice President, , or Bill Conboy, Sr. Account Executive, ,
both of CTA Public Relations, +1-303-665-4200, for Harken Energy
Corporation Web site: http://www.harkenenergy.com/
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