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| Harken Announces Increased Capital Expenditure Budget for 2004 |
HOUSTON, Jan. 30 /PRNewswire-FirstCall/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today the Board of Directors has approved an $18 million capital expenditure budget for 2004, an approximate $10 million increase as compared to 2003. Harken expects to begin drilling in the first quarter of 2004. Approximately $9 million of the 2004 capital expenditure budget focuses on the onshore and offshore Gulf Coast regions of Texas and Louisiana. Based in part upon the success of its drilling efforts in the fourth quarter of 2003, the majority of this budgeted capital amount will be used to drill five to seven exploratory and development wells in the Lake Raccourci and Lapeyrouse fields in Southern Louisiana, with the first of those wells, the State Lease 1480 #4, expected to be spud in March 2004. Harken currently holds an average working interest in the Lake Raccourci producing wells of approximately 40% and holds an average working interest of approximately 20% in the Lapeyrouse producing wells. Harken's Middle America operations are conducted through its ownership in Global Energy Development plc ("Global") which is budgeted to spend approximately $9 million in 2004 for the development of the Alcaravan Contract area in Colombia, South America. Global expects to drill approximately three development wells in the Palo Blanco field under the Alcaravan Contract area with the first of those wells, the Estero #4, expected to be spud in late February 2004. "Now that our restructuring plan has been successfully accomplished, and having ended 2003 with cash exceeding outstanding debt, we are focusing our attention on growing our company, and in particular, our reserves and cash flow. We are excited about our prospects and our plans to develop and grow our domestic and international oil and gas assets. Importantly, we expect to fund the $18 million in capital expenditures through projected cash flow and available cash on hand," said Alan Quasha, Harken's Chairman. This announcement contains forward-looking statements as defined by federal law and regulations including those enacted by the Securities and Exchange Commission. Harken believes that it is important to disclose its 2004 capital expenditure budget to its stockholders. The forward-looking statements in this announcement reflect the current view of management with regard to its plans for capital expenditures in 2004 and other future events. 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. These risks, uncertainties and other factors include, among others, the risks described in Harken's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 filed with the Securities and Exchange Commission, as well as other risks described in the Form 10-Q filed for the period ending September 30, 2003. 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.SOURCE Harken Energy Corporation
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CONTACT:
Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or info@harkenenergy.com
