Harken Announces Lake Raccourci Well Results

Harken Energy Corporation announced that its State Lease 14589 #3 well drilled in Lafourche Parish, Louisiana has just completed a production test at a rate of 2,468 mcfpd, plus 26 barrels of condensate per day at a flowing tubing pressure of 1,600 psi. This well was drilled to a total depth of 14,530 feet and has been completed in two lower zones of the Bol 3A formation at a depth of approximately 14,500 feet.

The State Lease 14589 #3 well was drilled in Harken's Lake Raccourci Field area and is an updip Unit replacement well to the State Lease 14589 #1 well, drilled in 1997. The #1 well initially tested at 4.572 MMcfpd with 90 barrels of condensate per day, and since first production, the #1 produced a total of 4.5 Bcfe prior to experiencing mechanical difficulties.

The two producing zones of the Bol 3A formation in which the State Lease 14589 #3 well is completed were not present in the previously drilled State Lease 14589 #1 well and are newly identified additional producing intervals. The productive zones found in the previous #1 well were also found in this #3 well and will be produced after the new intervals are depleted.

Harken is the operator of the State Lease 14589 #3 well and has a 39.59% working interest in this new well. Completion of all surface facilities and flow lines to connect this State Lease 14589 #3 well to the nearby transportation and purchaser pipeline is expected to be completed within the next thirty days.

Additionally, Harken has begun the drilling of its State Lease 1480 #3 well, also located in its Lake Raccourci Field area in Lafourche Parish, Louisiana. Harken will also operate this State Lease 1480 #3 well and holds approximately 44% working interest in this new well.

Harken hopes the results of this 1480 #3 well will be similar to the results for its earlier 1480 #2 well. Harken drilled its State Lease 1480 #2 well in late 2000. The 1480 #2 well had initial production rates of 2,100 mcfpd, plus 385 barrels of condensate per day. The 1480 #2 well has been on long-term production through its permanent facilities since January 2001.

Harken's President, Bruce N. Huff stated, "Harken's Lake Raccourci Field has now had ten wells drilled to date, nine of which have been completed as successful. Harken has identified additional prospects in this area on which Harken projects total net risked potential reserves of over 90 BCFE may be found. We are very pleased with these results as we continue to draw a focus on the Gulf Coast area."