Harken Energy Provides Domestic Operations Update
November 10 2004 - 6:00AM
PR Newswire (US)
Harken Energy Provides Domestic Operations Update DALLAS, Nov. 10
/PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) has
released updated production figures, well completion status and
increased 2004 expected capital expenditures for its domestic oil
and gas operations, which are located primarily along the onshore
and offshore Texas and Louisiana Gulf Coast. Harken's domestic
operations are managed by its wholly owned subsidiary, Gulf Energy
Management Company ("GEM"). Currently, GEM's net domestic
production rate is at approximately 9 million cubic feet equivalent
per day. Harken is committed to the continuing development of its
domestic operations and has increased its 2004 budgeted capital
expenditures by $3 million to approximately $12 million, to grow
its Gulf Coast operations. The following field data updates the
status of GEM's domestic operations through the end of October.
Lapeyrouse Field. Terrebonne Parish -- Louisiana GEM has
participated in an active field redevelopment program that has
included an interest in 6 successful wells in the Lapeyrouse field
since the fourth quarter of 2003. GEM holds an average non-operated
working interest of 10% in each of the six wells that are together
producing at a combined gross rate of 24 million cubic feet
equivalent per day, for a net production to GEM of approximately
1.6 million cubic feet equivalent per day. Two additional wells
have been proposed and approved for drilling as soon as rigs become
available. Both are projected to have a total depth of about
15,000' TVD. Main Pass, Plaquemines Parish -- Louisiana GEM
sustained minor damage to its offshore facility from Hurricane Ivan
in September 2004 interrupting its Main Pass 35 operations. Repairs
are now essentially complete, and production from Main Pass 35 has
now fully resumed. GEM holds an average 90% working interest in the
Main Pass field. GEM continues its geological and geophysical
study, utilizing the recently acquired license to 21 square miles
of 3D seismic data covering the area held by production leases.
Raymondville, Willacy and Kenedy Counties -- Texas GEM is
continuing to participate in an aggressive workover and
recompletion program at Raymondville to bring on new reservoir
production. This program has included 15 recompletions to date this
year, of which 14 have been successful. GEM has an average 27%
non-operated working interest in this field. Lake Raccourci Field,
Lafourche Parish -- Louisiana As of October 2004, the Lake
Raccourci field production rate, which had doubled during the first
quarter of 2004, is now at approximately 8.5 million cubic feet per
day, gross. GEM holds a 40% operated working interest in each of
its Lake Raccourci wells. GEM is presently evaluating prospects in
the field using its 60-square mile reprocessed 3D seismic database.
New 3D Seismic Licenses Acquired -- Louisiana GEM has acquired a
license covering approximately 155 square miles of 3D seismic data
in three different surveys across south Louisiana. The largest
database is in Terrebonne Parish and includes approximately 70
square miles. Approximately 56 square miles is in Cameron Parish,
and approximately 29 square miles in Iberville Parish. A number of
leads have developed in this continuing study. The process of
cataloging and prioritizing is underway. New Mineral Interest
Acquired -- Texas and Louisiana GEM has acquired mineral interest
in 6 drill-ready prospects in Texas and Louisiana. These prospects
are generally multi-well opportunities, exploitation in nature with
an exploration component. The first two of these wells, in the
South Beach and Branville Bay Fields, as described below, have been
drilled and logged. South Beach Field, Chambers County -- Texas GEM
has a non-operated working interest of 9.375% in this area. The
initial well was drilled to a true vertical depth of 10,750 feet.
The well was logged productive in two sands. The well has been
completed in the lower sand. Based on nearby wells in the same
sand, GEM expects initial production to be about 7 million gross
cubic feet of natural gas and about 300 gross barrels per day of
condensate. First sales are expected in late November or early
December 2004. Branville Bay Field, Plaquemines Parish -- Louisiana
GEM has a non-operated working interest of 12.5% in this area. The
initial well was drilled to a total depth of 7,400 feet. This well
also logged productive in two sands. The well was completed as a
dual with total expected gross production of about 500 Bbls per day
oil. The first sales of production are expected in December 2004.
"We are pleased with the results from our domestic operations
through the first ten months of 2004. Our two new successful wells
have the potential to increase our current daily production by
approximately 10%. Also, we are confident that further analysis of
our existing and newly acquired 3-D seismic data will allow us to
identify new prospects," said Jim Denny, President of Gulf Energy
Management Company, a wholly owned subsidiary of Harken Energy
Corporation. "Since our last update we added four new prospects to
complement our existing domestic portfolio and accelerate
production growth. We remain strongly committed to our 2004 goal to
add production and to generate increased sales of oil and gas from
our domestic assets at reasonable finding costs." 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. 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 Web site: http://www.harkenenergy.com/
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