Harken Energy Provides Domestic Operations Update
July 06 2004 - 6:00AM
PR Newswire (US)
Harken Energy Provides Domestic Operations Update DALLAS, July 6
/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.
Harken's net domestic production rate rose to 9,189 thousand cubic
feet equivalent (Mcfe) 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 end of June. Lapeyrouse
Field -- Louisiana * Thomas Cenac #1, in which Harken has a 28%
working interest and is the operator, is back on production at a
gross rate of approximately 800 Mcf per day. * Harken holds various
working interests between 6% and 10% in three other wells that are
together producing at a combined gross rate of 17,100 Mcf per day
plus 155 barrels of condensate per day. * A well in which Harken
has a 10% working interest, is currently completing in the Duval
Sand. * A new development well, in which Harken has a 10% working
interest, was spudded June 23, 2004. Main Pass -- Louisiana *
Harken has been granted a permit to increase its gas processing
capacity from 27,000 Mcf per day to 41,000 Mcf per day at its
offshore platform that currently serves a number of wells and
operators in the field. Raymondville, Willacy and Kenedy Counties
-- Texas * Yturria #4-1, in which Harken has a 27% non-operated
working interest, has been completed and stimulated by hydraulic
fracturing. The current production rate is approximately 700 Mcf
per day. * Yturria #3-28, in which Harken has a 27% non-operated
working interest, was drilled to a measured depth of 8,735 feet.
The well was subsequently plugged and abandoned as a dry hole. * An
AFE to drill the Yturria # 3-29 has been approved, with expected
spud in the next 30 days. * Two additional workover wells, the
Yturria #3-5 and Yturria #3-26 have been approved for immediate
implementation. Lake Raccourci Field -- Louisiana As of June 30,
2004, the Lake Raccourci field production rate, which had doubled
during the first quarter of 2004, is holding at approximately 9,700
Mcfe per day, gross. Harken holds a 40% operated working interest
in each of its Lake Raccourci wells. * Drilling prospect, SL 1480
#4 has been downgraded in priority after new reprocessed seismic
data revealed less favorable drilling economics than initial
reports. * Harken is presently evaluating other prospects in the
field using its 60-square mile reprocessed 3D seismic database. "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 Alan G. Quasha, Chairman of Harken
Energy. "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 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. 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/
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