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
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."