Harken Energy Subsidiary Mobilizes Rig to Macarenas # 1 Well on Rio Verde Contract in Colombia
December 21 2004 - 5:00AM
PR Newswire (US)
Harken Energy Subsidiary Mobilizes Rig to Macarenas # 1 Well on Rio
Verde Contract in Colombia DALLAS, Dec. 21 /PRNewswire-FirstCall/
-- Harken Energy Corporation (AMEX:HEC) announced its 85% owned
subsidiary, Global Energy Development PLC ("Global"), has commenced
rig mobilization to the Macarenas # 1 well on its 75,000 acre Rio
Verde Exploration and Production Contract in Colombia. The rig has
been mobilized from the Tilodiran # 1 well site, also located on
the Rio Verde Contract. The Tilodiran # 1 well was successfully re-
completed and placed on production earlier this month. Terms of the
Rio Verde contract require Global to re-complete and equip for
production both Tilodiran # 1 and the Macarenas # 1 wells. The
Macarenas # 1 was drilled in 1993 and, like Tilodiran # 1, tested
productive. It was drill stem tested at a rate of 320 barrels per
day of 33 degree API gravity oil. Global expects that re-completion
operations on Macarenas # 1 will require approximately 35 days,
following final mobilization, to equip the well for production.
Global owns a 100% working interest in the Macarenas # 1 well. "The
progress made to date on our Rio Verde Contract continues to run
ahead of our initial expectations," said Stephen C. Voss, Global's
Managing Director. "Tilodiran # 1 rapidly supplemented our existing
production, and we expect the Macarenas # 1 should follow shortly.
In addition to further near- term production the Rio Verde Contract
offers potentially significant opportunities for additional
development around the two existing wells which have been our
near-term focus. Looking ahead, we believe exciting exploration
opportunities exist throughout the remaining acreage." 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 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 statements. For further information
please contact Bevo Beaven, Vice President, , or Bill Conboy, Sr.
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,
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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