SOURCE: Harken Energy Corp.

August 17, 2005 06:00 ET

Global Energy Mobilizes Rig to First Exploratory Well on Los Hatos Contract in Colombia

DALLAS, TX -- (MARKET WIRE) -- August 17, 2005 -- Harken Energy Corporation (AMEX: HEC) announced today that Global Energy Development PLC ("Global") commenced rig mobilization to spud the first exploratory well, the Los Hatos #1, within its exclusive 85,000-acre Los Hatos Exploration and Production Concession Contract (the "Contract") in Colombia. Harken currently holds approximately 62% of Global's common shares.

The Contract, part of an approximate 5.1 million acre portfolio currently held by Global in Colombia, Peru and Panama, is located in the central Llanos region and is contiguous southwards to Global's Alcaravan Association Contract which contains the established, producing Palo Blanco Field.

The Los Hatos #1 exploratory well is up dip and approximately 300 meters from the Cajaro #1 well within the Palo Blanco Field. The Cajaro #1 well has had cumulative production of approximately 328,000 gross barrels of oil since it was placed on to production in June 2003.

"Global expects to spud Los Hatos #1 by late August 2005 with the well equipped for production by early October 2005," said Stephen C. Voss, Global's Managing Director. "Should the Los Hatos #1 well be successful, it will increase the number of Contracts from which we are currently producing to five."

Following the operations on Los Hatos #1, Global expects the rig to be mobilized sometime during the fourth quarter to another exploratory well, Tilodiran #2, within the producing Rio Verde Exploration and Production Concession contract.

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, 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, as amended, 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