Harken Energy Subsidiary Places Estero # 5 Well on Production
December 14 2004 - 6:00AM
PR Newswire (US)
Harken Energy Subsidiary Places Estero # 5 Well on Production
Further Production Added to the Palo Blanco Field DALLAS, Dec. 14
/PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
announced that its 85% owned subsidiary, Global Energy Development
PLC ("Global"), has completed testing its development well, Estero
# 5, located in the Palo Blanco field within Colombia's Llanos
Basin, and placed the well on production. Global perforated and
tested the Traditional Ubaque and Upper Massive Ubaque formations
of Estero # 5. The combined test resulted in a rate of 200 barrels
of oil per day of 15.6 degree API gravity oil. Estero # 5, in which
Global owns a 100% working interest, brings to five the number of
wells currently producing within the Palo Blanco field where Global
has now established three producing reservoirs. Commenting on the
Estero # 5 well and Palo Blanco field, Stephen C. Voss, Global's
Managing Director said, "From the success of the Estero # 5 well,
we believe that substantial additional reserves exist in the Palo
Blanco field and we have identified additional locations to be
drilled. The combined activity on our Palo Blanco and Rio Verde
acreage comprises the most active drilling and completion program
in Global's history." Harken also announced separately today
Global's successful re-completion and commencement of production
from the Tilodiran # 1 well within Global's 75,000 acre Rio Verde
Exploration and Production Contract in Colombia. 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. Contact: Bevo Beaven, Vice President Bill Conboy, Sr.
Account Executive CTA Public Relations 303-665-4200 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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