STOP NATO: ¡NO PASARAN! - HTTP://WWW.STOPNATO.ORG.UK --------------------------- ListBot Sponsor -------------------------- Start Your Own FREE Email List at http://www.listbot.com/links/joinlb ---------------------------------------------------------------------- ================== <A HREF="aol://4785:HEC:ASE">AOL Investment Snapshot - HEC(US)</A> HEC - HARKEN ENERGY CORP NEW Exchange: AMEX Delay: at least 20 minutes Last Price: 2.38 at 15:56 EDT Change: Up 0.02 (+0.85%) High: 2.42 at 15:42 EDT Low: 2.37 at 9:30 EDT Open: 2.37 Previous Close: 2.36 on 6/25 Subj: HARKEN: Press Release Colombia... Date: 6/26/01 1:27:46 PM Mountain Daylight Time From: [EMAIL PROTECTED] (Colombian Labor Monitor) Sender: [EMAIL PROTECTED] To: [EMAIL PROTECTED] [NOTE: The Bush family fortunes seem to be doing quite well. George W. is a former "consultant" and member of the Board of Directors of Harken. The Bush holdings in Harken are reportedly quite significant. Harken is a major player in Colombian oil. I'll let you draw your own conclusions. -DG] _________________________ HARKEN ENERGY CORPORATION Monday, 25 June 2001 ***************** * PRESS RELEASE * ***************** Harken Announces Progress at Palo Blanco Field ---------------------------------------------- HOUSTON, Texas -- Harken Energy Corporation ("Harken") announced today that it has recently signed three significant agreements which will have long-term benefits toward enhancing the value, production, and cash flow generated from its development operations at the Palo Blanco field located in the Llanos Basin of Colombia. The Palo Blanco field was discovered by Harken with the successful drilling of the exploratory well Estero 1. Harken subsequently drilled the successful Estero 2 well in this field. Since its initial discovery by Harken, the Palo Blanco field has produced in excess of 660,000 gross barrels of oil. Production volumes from this field have been restricted in the past due primarily to transportation restraints. Until 1999, all production from the Estero 1 well had to be transported by truck. In 1999, Harken built a 4 kilometer flowline to connect the Palo Blanco field into the Guarimena to Santiago crude oil pipeline. This connection allowed increased production, but the field was still limited by contractual pipeline capacity restraints to approximately 1,000 bopd. Purchase of 45 Kilometer Pipeline --------------------------------- In order to transport significantly higher levels of production from the field, Harken has just completed the purchase of the 45 kilometer Guarimena to Santiago crude oil pipeline. With the purchase of this pipeline which runs from Harken's Palo Blanco field across the Cusiana river to the Santiago pumping station, Harken gains the ability to transport higher volumes of crude oil. 3,000 Bopd Transportation Agreement ----------------------------------- In concert with the pipeline acquisition, Harken has negotiated a new transportation agreement with the operator/owner of the pipeline that transports crude oil from the Santiago pumping station north to market and export points, to provide increased transportation capacity up to 3,000 barrels of oil per day for Harken's production from this Palo Blanco field. With the addition of the recently drilled Estero 2 well, this Palo Blanco field has the production potential to utilize the entire 3,000 bopd transportation capacity now available to it through this pipeline system and expanded transportation agreement. Signing of a TEA on the El Retorno Block ---------------------------------------- Harken recently signed a Technical Evaluation Agreement ("TEA") covering the El Retorno acreage block which covers approximately 86,000 acres and, adjoins Harken's existing producing Palo Blanco field. Under the terms of this TEA, Harken will carry out a seismic reprocessing program on this El Retorno block over the next six months. Following completion of that work, Harken has the election to sign the block under an association contract with Ecopetrol. Ecopetrol recently adopted new and more favorable terms for new Association Contracts, which include a sliding scale reduced royalty and participation to Ecopetrol from the traditional percentages, especially during the early years of field production. Harken's Chairman, Mikel D. Faulkner, stated, "We are very pleased with the acquisition of this pipeline facility and the greatly expanded pipeline transportation capacity for production from our Palo Blanco field. The El Retorno area could represent a valuable enhancement to our Palo Blanco area project. These events have been in the works for some time and should represent an enhancement to the value of the field." Harken Energy Corporation ("Harken") 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, development and production 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 Form 10-K. Actual results may vary materially. CONTACT: Investor Relations of Harken Energy Corporation, 877-424-2655, or info@. harkenenergy.com ________________________________________________________________ **************************************************************** * CLM-NEWS is brought to you by the COLOMBIAN LABOR MONITOR at * * http://www.prairienet.org/clm * * and the CHICAGO COLOMBIA COMMITTEE * * Email us at clm@. prairienet.org or * * Dennis Grammenos at dgrammen@. prairienet.org * **************************************************************** * To unsubscribe send request to listproc@. prairienet.org * * unsubscribe clm-news * **************************************************************** ______________________________________________________________________ To unsubscribe, write to [EMAIL PROTECTED]
