Harken Provides Update on Drilling Activities
Harken Energy Corporation has, over the past twenty-four month period ended June 30, 2001, participated in drilling a total of 27 wells in the Gulf Coast area, achieving an 89% success ratio. Of these total wells drilled, only three were plugged as being non-commercial.
Through these successful wells drilled, Harken was able to find proved reserves of 16.52 billion cubic feet of gas equivalent, to Harken's net interest. Harken's total cost of all of these drilling activities through the entire 27 wells, was approximately $12,790,000, resulting in a cost per MCF to Harken of $0.77.
Harken is presently planning a 25+ well drilling program over the next two years which is targeting additional prospects which Harken's technical team has identified and believe have high potential in this area of focus on the Gulf Coast. The first of these wells will commence drilling during the latter part of the third quarter of this year.