SOURCE: Harken Energy Corp.

October 27, 2005 13:08 ET

Global Energy Development PLC - Los Hatos #1 Positive Test Results

New Well Provides Extension to Established Palo Blanco Field

DALLAS, TX -- (MARKET WIRE) -- October 27, 2005 -- Harken Energy Corporation (AMEX: HEC) announced today that Global Energy Development PLC ('Global') has had positive test results from its Los Hatos #1 well and expects to place it on continuous production within seven days. The Los Hatos #1 well is located within Global's exclusive 85,000-acre Los Hatos Exploration and Production Concession Contract in Colombia. Harken Energy currently holds 11,892,922 ordinary shares, representing approximately 34% of Global's issued share capital.

The Los Hatos #1 well perforated and tested the Mirador formation at a maximum rate of 700 metric cubic feet of natural gas per day and 408 barrels of oil per day of 36 degree API gravity oil with BS&W (basic sediment and water) of only 3%. Global owns 100% working interest in the Los Hatos Contract, subject only to an initial 8% royalty, with the size of the royalty to be determined by future production levels. The placing of Los Hatos #1 on production will mean Global has production from five different contracts in Colombia in addition to holding high-potential exploration acreage positions in Colombia, Peru and Panama.

"The success of the Los Hatos #1 well has effectively extended the established, producing Palo Blanco field further to the south," said Stephen Voss, Global's Managing Director. "Finding and producing oil in the Mirador formation is especially encouraging as this formation is producing commercial hydrocarbons from Estero #2, the most northerly well within the Palo Blanco field, and now Los Hatos #1, the southerly extension of the Palo Blanco field. We will promptly undertake additional geologic and engineering analysis to assess the potential additional Mirador reserves throughout both the Los Hatos and Alcaravan contracts."

Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries and shareholdings. Additional information may be found at the Harken Energy Web site, 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 such as "believes," "anticipates," "expects" and all similar statements regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production may be regarded as "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. Management's current view and plans, however, 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. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K/A, as amended, for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the period ended June 30, 2005. Harken undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

Contact Information

  • Contact:

    Bevo Beaven
    Vice President
    Bill Conboy
    Vice President
    CTA Public Relations
    303-665-4200