Harken Energy Announces the Successful Workover of Canacabare # 1 in the Anteojos Field in Colombia
March 14 2005 - 11:06AM
PR Newswire (US)
Harken Energy Announces the Successful Workover of Canacabare # 1
in the Anteojos Field in Colombia Combined Production from Two
Zones Tested at 198 Barrels of Oil Per Day DALLAS, March 14
/PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC)
85% owned subsidiary Global Energy Development PLC announced today
the completion of the successful workover and the re-commencement
of production from the Canacabare # 1 well located in the Anteojos
field within its Alcaravan Association Contract in Colombia.
Canacabare # 1 was the first well to be brought on production in
the Anteojos field, which is adjacent to the established Palo
Blanco field also within the Alcaravan Contract area. During the
workover, Global successfully added the Middle Carbonera C-7
formation and tested the two producing zones of Canacabare # 1 at a
combined maximum rate of 198 barrels of oil per day (bopd) of 27
degree API gravity oil. Canacabare # 1 had been off-production
since April 2004, at which time the production rate was averaging
100 bopd. Commenting on Canacabare # 1, Stephen C. Voss, Global's
Managing Director, said, "We are pleased to return our Canacabare #
1 asset to production at improved rates from last year, resulting
from the completion of certain mechanical repairs and the addition
of new volumes from the Middle Carbonera C-7 formation. The
Canacabare # 1 not only adds additional production, but also
affords us production from another field and its medium quality
gravity will further enhance the overall sales blend quality of
Global's Central Llanos oil. The Company will also be reviewing
other development drilling opportunities offset to the Canacabare #
1 during 2005." 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 such as "potential," "accelerate"
and "growth" 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 and nine months 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. Contact: Bevo Beaven, Vice
President Bill Conboy, Senior Account Executive CTA Public
Relations 303-665-4200 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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