Harken Energy Provides Domestic Operations Update
05 Abril 2005 - 4:52PM
PR Newswire (US)
Harken Energy Provides Domestic Operations Update DALLAS, April 5
/PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC)
wholly owned subsidiary, Gulf Energy Management Company ("GEM"),
has released updated production figures and well completion status
for its domestic oil and gas operations, which are located
primarily along the onshore and offshore Texas and Louisiana Gulf
Coast. Currently, GEM's net domestic production rate is at
approximately 7.8 million cubic feet equivalent of natural gas per
day. GEM is committed to the continuing development of its domestic
operations and has increased its 2005 budgeted capital expenditures
to approximately $16 million to grow its domestic production and
reserves. The following field data updates the status of GEM's
domestic operations through the end of March 2005. Lapeyrouse
Field, Terrebonne Parish -- Louisiana GEM continues to participate
in an active field redevelopment program that has included an
interest in seven successful wells in the Lapeyrouse field since
the fourth quarter of 2003. GEM holds an average non-operated
working interest of 10% in each of the seven wells that are
together producing at a combined gross rate of 17.5 million cubic
feet equivalent per day, for a net production to GEM of
approximately 1.1 million cubic feet equivalent per day. Production
is down for this field from a combined gross rate of approximately
24 million cubic feet equivalent per day (or approximately 1.6
million cubic feet equivalent per day net to GEM) as reported in
our November 10, 2004, domestic operations update. This is
primarily the result of mechanical problems on two of the wells. A
workover program is planned in the second quarter of 2005. An
eighth well has been drilled and logged productive. Production
casing has been set and a completion attempt is planned for the
second quarter 2005. A ninth well has been proposed and approved to
a total depth of about 15,000' true vertical depth (TVD) for
drilling as soon as a rig becomes available. GEM holds an
approximately 39% operated working interest in this ninth well. We
anticipate a rig becoming available during the second or third
quarter of 2005. Main Pass, Plaquemines Parish -- Louisiana GEM has
approved initiating the repair of an additional compressor that has
been off line for the past four years. This investment will allow
an increase in gas lift capacity in the Main Pass Field and will
permit GEM to return certain wells to production once the
additional compressor is back on line. GEM holds an average 90%
working interest in the Main Pass field. GEM continues its
geological and geophysical study, utilizing the recently acquired
license to 21 square miles of 3D seismic data covering the area
held by production leases. Raymondville, Willacy and Kenedy
Counties -- Texas Even though GEM continues to participate in an
active recompletion campaign, it is expected that field production
has peaked. GEM's current net production is about 1.45 million
cubic feet equivalent per day. GEM has an average 27% non-operated
working interest in this field. Lake Raccourci Field, Lafourche
Parish -- Louisiana The Lake Raccourci field production rate is
presently at approximately 6.5 million cubic feet per day, gross,
which is down from our last reported production rate of
approximately 8.5 million cubic feet per day. The decline in
production is directly attributable to the State Lease 1480 #2 well
that has only produced intermittently since it was shut in for
Hurricane Ivan last September, representing a loss of about 2.2
million cubic feet equivalent per day, gross. GEM has attempted to
bring the well back onto production several times since the
extended shut in period, and each time it has produced for a
shorter run before it is unable to flow due to increased water
production and decreased pressure. A recompletion attempt is being
considered for the well. GEM holds a 40% operated working interest
in each of its Lake Raccourci wells. GEM is presently seeking
industry partners to drill a field extension well. This prospect is
a result of continuing interpretation of GEM's 60 square mile
reprocessed 3D seismic database. New 3D Seismic Licenses Acquired
-- Louisiana GEM has acquired a license covering approximately 155
square miles of 3D seismic data in three 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. A number of leads have developed in this
continuing study. The process of cataloging and prioritizing is
underway. New Mineral Interests Acquired -- Texas and Louisiana GEM
acquired mineral interests in 6 drill-ready prospects in Texas and
Louisiana during the second half of 2004. An update for each of the
six prospects comprised of South Beach Field, Branville Bay Field,
Delarge Field, Point-a-la-Hache Field, Allen Ranch Field, and S.E.
Nada Field is provided below. South Beach Field, Chambers County --
Texas GEM has a non-operated working interest of 9.375% in this
area. The initial well was drilled to a true vertical depth of
10,750 feet during the forth quarter of 2004. The well was logged
productive in two sands. The well has been completed in the lower
sand. First production was in late December 2004. Current gross
production is about 2.7 million cubic feet per day and 240 barrels
of condensate per day. A second well has been drilled and logged
productive. Completion attempt and subsequent flow tests are now in
progress. Branville Bay Field, Plaquemines Parish -- Louisiana GEM
has a non-operated working interest of 12.5% in this area. The
initial well was drilled to a total depth of 7,400 feet in the
fourth quarter of 2004. The well was dually completed in the two
logged productive sands. First production was in February 2005, and
is currently producing a total of about 500 barrels of oil per day,
and .8 million cubic feet per day, gross. A second well has been
proposed and approved to a total depth of 8,000 feet, and is
expected to spud as a rig becomes available in the second quarter
of 2005. Delarge Field, Terrebonne Parish -- Louisiana Initial well
was drilled to a total depth of 11,500 feet true vertical depth in
December 2004, logged not productive, plugged and abandoned. GEM
has a non-operated working interest of 12.5% in this area.
Geological and geophysical studies continue to evaluate other
prospect leads in the field. Point-a-la-Hache Field, Plaquemines
Parish -- Louisiana The initial well, State Lease 18077 #1, was
drilled to a true vertical depth of 10,300 feet in mid December
2004. The well was logged productive, completed and tested at a
rate of 200 barrels of oil per day, and 0.8 million cubic feet per
day, in the lower sand of two sands that both logged productive.
First production is expected in the second quarter of 2005. GEM
maintains a 25% operated working interest in the area. Allen Ranch
Field, Colorado County -- Texas The initial well, the Hancock Gas
Unit #1, was drilled to a measured depth of 16,983 feet in late
January 2005. The well was logged productive in four sands, and is
in the process of completing, perforating, and hydraulic
fracturing. GEM owns an 11.25% non-operated working interest in the
area. First production is planned for May, 2005. Southeast Nada
Field, Colorado County -- Texas GEM has a 17% non-operated working
interest in this area. The initial well, the Popp et al #1, was
drilled to a measured depth of 10,030 feet in late March 2005. The
well was logged productive in two sands, and is in the process of
completing, and subsequent flow testing. First production is
expected in the latter part of the second quarter of 2005. Coalbed
Methane Projects -- Indiana and Ohio GEM has entered into two
significant Exploration and Development Agreements in Indiana and
Ohio. Each prospect provides for an area of mutual interest of
approximately 400,000 acres. The agreements provide for a phased
delineation, pilot and development program, with corresponding
staged expenditures. A contracted third party with a long track
record in successful coalbed methane development provides expert
advice for these projects. "The addition of large potential coalbed
methane prospects to our strategic plan offers long term balance to
our strong Gulf Coast portfolio of high rate, quicker depletion
prospects," said Jim Denny, President of Gulf Energy Management
Company. "Our high-percentage completion rate continues in our core
areas, allowing us to add production at reasonable finding costs.
We continue to add prospects and manage our growth opportunities
with a combination of in-house and outsourced technical expertise."
Harken Energy Corporation is engaged in oil and gas exploration,
development and production operations both domestically and
internationally through its various subsidiaries. Additional
information may be found at the Harken Energy Web site,
http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200. Certain
statements in this announcement including statements regarding
future expectations, objectives, intentions and plans for oil and
gas exploration, development and production may be regarded as
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on the opinions and estimates of management at the time the
statements are made. Management's current view and plans, however,
are subject to numerous known and unknown risks, uncertainties and
other factors that may cause the actual results, performance,
timing or achievements of Harken to be materially different from
any results, performance, timing or achievements expressed or
implied by such forward-looking statements. The various
uncertainties, variables, and other risks include those discussed
in detail in the Company's SEC filings, including the Annual Report
on Form 10-K/A dated April 5, 2005. Although Harken believes that
the expectations reflected in the forward-looking statements of
this announcement are reasonable, it can give no assurance that
such expectations will prove to be correct or that unforeseen
developments will not occur. Harken undertakes no duty to update or
revise any forward- looking statements. Actual results may vary
materially. Contact: Bevo Beaven, Vice President Bill Conboy,
Senior Account Executive CTA Public Relations 303-665-4200
DATASOURCE: Harken Energy Corporation CONTACT: Bevo Beaven, Vice
President, , or Bill Conboy, Senior Account Executive, , both of
CTA Public Relations, +1-303-665-4200, for Harken Energy
Corporation Web site: http://www.harkenenergy.com/
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