Harken Energy to Increase Domestic Operations in 2004

Currently, Harken Energy's net domestic production rate is approximately 9.2 million cubic feet equivalent 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 middle of August.

Lapeyrouse Field - Louisiana

  • Harken has participated in an active field redevelopment program that has included an interest in 5 successful wells since the fourth quarter of 2003. Harken holds an average working interest of 10% in the five wells that are together producing at a combined gross rate of 25 million cubic feet equivalent per day, for a net production to Harken of approximately 1.9 million cubic feet equivalent per day.
  • A sixth development well, in which Harken has a 10% working interest, is currently being drilled at a measured depth of about 11,400 ft. Total depth is planned to be 12,600 ft measured depth.
  • Additional drilling is planned for the remainder of this year.

  • Main Pass - Louisiana

  • Harken is utilizing its increased permit capacity to generate additional third party processing fees at its offshore platform. This platform currently serves a number of wells and operators in the field.
  • A license to 21 square miles of 3D seismic data has been recently acquired, covering Harken's currently producing leases. Reprocessing and interpretation are underway.

  • Raymondville, Willacy and Kenedy Counties - Texas

  • Yturria #3-29, in which Harken has a 27% non-operated working interest, was drilled to a measured depth of 9,622 feet. The well was subsequently plugged and abandoned as a dry hole.
  • Harken is continuing to participate in an aggressive workover and recompletion program to bring on new reservoir production. This program has included 13 recompletions to date this year, of which 12 have been successful.
  • Lake Raccourci Field - Louisiana

  • As of August 15, 2004, the Lake Raccourci field production rate, which had doubled during the first quarter of 2004, is holding at approximately 9.3 million cubic feet per day, gross. Harken holds a 40% operated working interest in each of its Lake Raccourci wells.
  • Harken is presently evaluating prospects in the field using its 60-square mile reprocessed 3D seismic database.

  • New 3D Seismic Licenses Acquired - Louisiana

  • Harken has acquired a license covering approximately 155 square miles of 3D seismic data in three (3) different surveys across south Louisiana. The largest database is in Terrebonne Parish and includes approximately 70 square miles. Approximately 56 square miles is in Cameron Parish, and approximately 29 square miles in Iberville Parish.

  • "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 Jim Denny, President of Gulf Energy Development Company, a subsidiary of Harken Energy Corporation. "We continue to be pleased with the performance of our domestic development plan, especially in south Louisiana. We are particularly happy to have acquired license to significant additional 3D seismic data in strategic geological trends, where we have been successful. This should assure longevity and quality in our prospect portfolio." Mr. Denny continued, "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."

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