Harken Provides Update on Colombian Drilling Activity
March 31 2004 - 11:58AM
PR Newswire (US)
Harken Provides Update on Colombian Drilling Activity HOUSTON,
March 31 /PRNewswire-FirstCall/ -- Harken Energy Corporation
("Harken") is providing the following update on drilling activity
in Colombia, South America: Drilling operations have commenced on
the Estero #4 well, located in the Llanos basin of Colombia, South
America. The Estero #4 well is a development well in the Palo
Blanco field. This well is the first of Global's drilling projects
under its 2004 capital expenditure budget. The Estero #4 well is
expected to take up to 30 days to drill and an additional 15 days
to complete, should drilling results be favorable. The Estero #4
well has a projected drilling depth of approximately 8,700 feet and
will target both the Ubaque formation and the Mirador formation.
Harken's Colombian operations are all conducted through its
ownership in Global Energy Development plc ("Global") (a public
limited company registered in England and Wales under the Companies
Act (1985) of the United Kingdom). Harken owns 85.62% of Global's
ordinary common shares. 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. 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. DATASOURCE:
Harken Energy Corporation CONTACT: Investor Relations of Harken
Energy Corporation, +1-281-504-4000, or Web site:
http://www.harkenenergy.com/
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