Harken Energy to Drill Additional Wells in Colombia

Harken Energy's subsidiary, Global Energy Development PLC, has perforated and tested a new zone in its Estero 2 well, located in the Palo Blanco field in Colombia, SA.

The Upper Mirador zone from 7664 feet to 7668 feet tested at a maximum rate of 432 gross barrels of oil per day. The measured density of the test crude oil was 37 degrees pursuant to the measurement standards established by the American Petroleum Institute.

After completing additional testing of the new zone, Global expects to begin commingling production from the Upper Mirador with the Ubaque formation, which was already producing 160 gross barrels of oil per day in the Estero 2 well. Global owns a 100% working interest in the Estero 2 well.

Based upon the recent successes in the Palo Blanco field, Global plans to drill up to four new wells in the field during the next 12 months. In addition, it plans to recomplete two existing wells that are currently producing in the Ubaque for additional productivity in the Upper Mirador.

"We are pleased with the test results from the Estero 2 Mirador formation and the positive impact we believe the production from this new pay zone will have on Harken's future cash flows," said Alan G. Quasha, Chairman of Harken Energy. "Our main objective with this recompletion was to find commercial quantities in the Upper Mirador zone, which we appear to have done. The test results from the Estero 2 well continue to support our belief that the unfolding story of the Palo Blanco field is an exciting one and that the Palo Blanco field alone provides significant future potential for Harken Energy."

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