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NEWS RELEASE |
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For Further Information Contact: |
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News 22.00 |
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J. Marc Lewis: 281-717-1300 |
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Fax: 281-717-1420 |
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Email: [email protected] |
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www.harkenenergy.com |
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For Immediate Release |
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Harken Announces Significant Progress on Costa
Rican Concession Challenge |
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Houston, Texas (November 29, 2000) — Harken Energy
Corporation (AMEX: “HEC”) announced today that the Costa Rican
Supreme Court Constitutional Chamber IV has given a clarification
to the Company on its 1.4 million acre Costa Rican exploration
blocks. The court has ruled that the legal challenge to Harken’s
drilling concessions only affects the portion of the onshore
blocks 2 and 4 that are designated as reservations for indigenous
people groups, representing only about 10% of the Company’s
concession acreage in the country. The ongoing challenge does not
affect the offshore portion of the Company’s contracts, blocks 3
and 12, and Harken’s offshore exploration plans could proceed as
planned. The Moin Prospect, the Company’s main drilling
objective, is offshore on the unaffected Block 12. Initial
drilling objectives may be the Tertiary formation, the deeper
Cretaceous formation or both, and will be further defined as well
planning progresses. Additional technical and operational exhibits
are available on the Corporate Overview section of the Company’s
website at www.harkenenergy.com. |
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As previously announced, the court challenge alleged that the
government had not adequately informed or consulted with
indigenous peoples on the onshore portion of the Company’s
concession area prior to offering the acreage for bid. The
Government is attempting to remedy this situation in order to
satisfy the legal requirements for the affected portions of the
onshore blocks, but it is impossible to predict the timeline for
such actions by the government and the courts. |
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Mikel D. Faulkner, Harken’s Chairman stated that, “We are
pleased with the high court’s actions in Costa Rica and applaud
the timely deliberation and decision. Since the open legal issues
do not affect the block that is our primary drilling objective,
our operations should return to the normal pace soon.” |
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Harken Energy Corporation (“Harken”) (AMEX: “HEC”) explores for,
develops and produces oil and gas reserves domestically and
internationally. Certain statements in this news release regarding
future expectations and plans for oil and gas exploration and
development may be regarded as “forward looking statements” within
the meaning of the Securities Litigation Reform Act. They are
subject to various risks, such as the inherent uncertainties in
interpreting engineering data related to underground accumulations of
oil and gas, timing and capital availability, discussed in detail in
the Company’s SEC filings, including the Annual Report on Forms 10-K
and 10-K/A for the year ended December 31, 1999. Actual results may
vary materially. |
