Harken Energy Acquires Second Coalbed Methane Prospect
March 29 2005 - 12:01PM
PR Newswire (US)
Harken Energy Acquires Second Coalbed Methane Prospect DALLAS,
March 29 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(AMEX:HEC) announced today that its wholly owned subsidiary, Gulf
Energy Management Company, has entered into an Exploration and
Development Agreement with Ohio Cumberland L.P., a Texas limited
partnership, for the joint exploration and development of coalbed
methane within the Cumberland Prospect Area consisting of
approximately 400,000 acres in Guernsey, Noble, Muskingum,
Washington and Morgan counties of Ohio. Harken Energy announced on
March 23, 2005, that it had entered into a similar agreement for a
400,000 acre coalbed methane prospect located in Indiana. Today's
announcement marks the second major acquisition of coalbed methane
prospect acreage in 2005 for Harken Energy, bringing its total
coalbed methane prospect portfolio to approximately 800,000 acres.
Gulf Energy Management's obligations under this new agreement
include funding 100% of the initial $7.5 million of costs to carry
out the joint exploration and development of the project in return
for a 65% working interest in the Cumberland Prospect Area. The
agreement also provides that Gulf Energy Management receive an
82.5% net revenue interest. Gulf Energy Management's funding
obligation is to be allocated among three separate technical phases
of the project. At the conclusion of each of the first two phases,
Gulf Energy Management may elect to terminate the agreement,
thereby reducing its commitments. Complete details of the agreement
may be found in the Form 8-K filed today with the Securities and
Exchange Commission. "The acquisition in the Cumberland Prospect
Area along with the recently acquired Indiana Posey Prospect Area
provide Gulf Energy Management with a strong platform to optimize
opportunities available in coalbed methane," said Jim Denny,
President of Gulf Energy Management. "These opportunities together
with our existing oil and gas holdings located along the Texas and
Louisiana Gulf Coast should allow Gulf Energy Management to
continue with its growth strategy objectives." 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. Certain statements in this announcement including
statements about our plans, objectives, intentions, and
expectations are "forward-looking statements" within the meaning of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on the opinions and estimates of management at
the time the statements are made and are subject to known and
unknown risks and uncertainties and inaccurate assumptions that
could cause actual results to differ materially from those expected
or implied by the forward-looking statements. Harken's actual
results could differ materially from those anticipated in the
forward-looking statements for many reasons, including the risk
that additional "material weaknesses," as disclosed in the Form 8-K
filed by Harken on March 18, 2005, or other internal control
deficiencies with the meaning of Section 404 of the Sarbanes-Oxley
Act of 2002 are identified, and the risk that additional accounting
errors may be identified. Readers are cautioned not to place undue
reliance upon these forward-looking statements, which speak only as
the date hereof. 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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