Harken Reports on Colombia Operations

Harken Energy, part-owner of Global Energy Development, said that two Global-operated wells in Colombia ceased production during the fourth quarter of 2005.

Tilodiran #1 and Macarenas #1, within the Rio Verde contract, both developed casing failures, said Harken. The company added that neither well has contributed to Global's production to date in 2006.

First drilled more than a decade ago by a previous operator, the wells had been recompleted by Global during the past two years. Harken noted that workovers to restore production on these wells are unlikely to commence until the second half of 2006 due to a shortage of workover rigs and necessary downhole equipment.

Harken added that completion operations are underway on the new exploratory well, Tilodiran #2, within the Rio Verde contract. The well was successfully drilled to a final depth of 13,350 feet and intercepted six potentially oil productive zones, the company said.

Global is testing the Upper Massive Ubaque reservoir, which is the first of several production tests on Tilodiran #2. A current natural flow rate from this single zone was approximately 1,125 barrels of oil per day (bopd) plus gas. A full-scale production test has yet to be fully completed. Global anticipates announcing results periodically throughout the remainder of the testing process.