Harken Energy has released updated production figures and well completion status
for its domestic oil and gas operations, which are located primarily along the
onshore and offshore Texas and Louisiana Gulf Coast.
Harken's net domestic production rate rose to 9,189 thousand cubic feet
equivalent (Mcfe) per day. Harken is committed to the continuing development
of its domestic operations in 2004 and has budgeted approximately $9 million
to grow its Gulf Coast operations in 2004. The following field data updates
the status of Harken's domestic drilling projects through the end of June.
Lapeyrouse Field -- Louisiana
Thomas Cenac #1, in which Harken has a 28% working interest and is the
operator, is back on production at a gross rate of approximately
800 Mcf per day.
Harken holds various working interests between 6% and 10% in three
other wells that are together producing at a combined gross rate of
17,100 Mcf per day plus 155 barrels of condensate per day.
A well in which Harken has a 10% working interest, is currently
completing in the Duval Sand.
A new development well, in which Harken has a 10% working interest,
was spudded June 23, 2004.
Main Pass -- Louisiana
Harken has been granted a permit to increase its gas processing
capacity from 27,000 Mcf per day to 41,000 Mcf per day at its offshore
platform that currently serves a number of wells and operators in the
Raymondville, Willacy and Kenedy Counties -- Texas
Yturria #4-1, in which Harken has a 27% non-operated working interest,
has been completed and stimulated by hydraulic fracturing. The
current production rate is approximately 700 Mcf per day.
Yturria #3-28, in which Harken has a 27% non-operated working
interest, was drilled to a measured depth of 8,735 feet. The well was
subsequently plugged and abandoned as a dry hole.
An AFE to drill the Yturria # 3-29 has been approved, with expected
spud in the next 30 days.
Two additional workover wells, the Yturria #3-5 and Yturria #3-26 have
been approved for immediate implementation.
Lake Raccourci Field -- Louisiana
As of June 30, 2004, the Lake Raccourci field production rate, which had
doubled during the first quarter of 2004, is holding at approximately 9,700
Mcfe per day, gross. Harken holds a 40% operated working interest in each of
its Lake Raccourci wells.
Drilling prospect, SL 1480 #4 has been downgraded in priority after
new reprocessed seismic data revealed less favorable drilling
economics than initial reports.
Harken is presently evaluating other prospects in the field using its
60-square mile reprocessed 3D seismic database.
"We are pleased with the results from our domestic operations through the
first half of 2004, and we are confident that further analysis of our 3-D
seismic data will allow us to identify additional new prospects in these
fields," said Alan G. Quasha, Chairman of Harken Energy. "Our goal for 2004
is to continue to add production and to generate increased sales of oil and
gas from our domestic assets at reasonable finding costs."