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[HARKEN LETTERHEAD]
NEWS RELEASE FOR FURTHER INFORMATION CONTACT:
NEWS 23.00 J. MARC LEWIS: 281-717-1300
FAX: 281-717-1420
EMAIL: [email protected]
WWW.HARKENENERGY.COM
FOR IMMEDIATE RELEASE
HARKEN ANNOUNCES RESULTS OF MULTI-COMPONENT 3-D
SEISMIC STUDY AT COLOMBIAN BOLIVAR BLOCK
HOUSTON, TEXAS (DECEMBER 12, 2000) -- Harken Energy
Corporation (AMEX: "HEC") announced today that it has
completed an analysis and interpretation of its
multi-component 3-D seismic pilot program on the Company's
250,000 acre Bolivar Association Contract block in Colombia.
The study was initiated by the Company to facilitate
understanding the block's complicated fault and fracture
channel structure. The information acquired will help the
Company to design future wells that may be more productive and
completed at lower costs.
Multi-component 3-D seismic is a recent innovation in
seismic imaging that analyzes an increased number of sonic
wave patterns in order to get a more accurate image of
subsurface geology. Interpretation accuracy is greatly
enhanced with the new method. Based on Harken's recent
analysis, the Company believes that Bolivar well production
may be enhanced by orienting the well bore path of future
wells on the block in a different manner than was utilized on
the initial wells drilled.
The new multi-component 3-D seismic information is
useful in identifying fracture channel direction. The recently
acquired data indicate that the first Harken wells on the
block appear to be parallel to the main fracture channels in
the productive formations. Since the well bore paths in the
previous wells were parallel to the fractures, only a limited
number of producing fractures were intersected. The new
fracture channel information suggests that future Harken wells
in the area should be drilled so that the well bores are
perpendicular to expected fracture channels. This revised
orientation will enable the new well bores to intersect the
maximum number of oil bearing fractures. Additional technical
and operational exhibits are available on the Corporate
Overview section of the Company's website at
www.harkenenergy.com.
Mikel D. Faulkner, Harken's Chairman stated that, "We
are encouraged by the information obtained in our recent
seismic acquisition
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and interpretation efforts. The next step in the process is
drilling a well to confirm the orientation of the fracture
patterns and the multi-component 3-D application on the block.
We expect to be drilling our next well at Bolivar shortly."
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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.
