HEC--News OUT OIL/GAS Play look at chart here's this mornings news--Gonna run IMO!
New Well Tested at 800 Barrels of Oil Per Day
DALLAS, Dec 14, 2004 /PRNewswire-FirstCall via COMTEX/ --
Harken Energy Corporation (Amex: HEC) announced that its 85% owned subsidiary, Global Energy Development PLC ("Global"), has successfully re-completed and commenced production from the Tilodiran # 1 well located on the 75,000 acre Rio Verde Exploration and Production Contract in Colombia (the "Rio Verde Contract").
This commencement of production following the signing of the Rio Verde Contract in September represents the shortest interval in Global's history between contract signing and first production. Global now holds four contracts in Colombia from which production is being achieved.
Global tested Tilodiran # 1 at a rate of 800 (gross) barrels of oil per day of 20 degree API gravity oil. Global owns a 100% working interest in the Tilodiran # 1 well.
Commenting on Tilodiran # 1 and the Rio Verde Contract, Stephen C. Voss, Global's Managing Director said, "The Rio Verde Contract is proving to be a significant addition to the company's portfolio. Tilodiran # 1 has quickly supplemented our existing production and we are now turning our attention to another existing well on the contract acreage, the Macarenas # 1. In addition to having an immediate positive effect on cash flow, the contract offers additional development opportunities around the Tilodiran # 1 and Macarenas # 1 wells along with significant upside exploration potential on the rest of the acreage."
Harken separately announced today positive test results and initial production from Global's development well, Estero # 5, located in the adjoining Palo Blanco field within Colombia's Llanos Basin.
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, 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.
