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| Harken's International Subsidiary Commences Production of the Canacabare #1 Well in Colombia |
HOUSTON, March 26 /PRNewswire-FirstCall/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today that its international operating subsidiary, Global Energy Development PLC (London AIM Exchange: GED) ("Global"), has initiated production from the Canacabare #1 located in Global's Alcaravan Association Contract block in the Llanos Basin of Eastern Colombia. The well was drilled in 1998 and recorded oil shows in the Carbonera "C-7" sand. Because of poor weather and terrain conditions during the remainder of 1998 and 1999 the well was not completed until 2000. Earlier this year, Global commenced the installation of a 26 km pipeline connecting the well to Global's nearby Palo Blanco field and expects to commission this line prior to the end of March. In anticipation of the completion of the pipeline Global initiated production from the Canacabare #1 on March 24, 2003 which will be accumulated in storage tanks until the pipeline commences operation. Harken holds an 86% ownership of Global, which owns interests in producing properties and prospects in Colombia and other countries in Latin America. Based in Houston, Texas, Harken is an oil and gas exploration and production company whose corporate strategy calls for concentrating its resources on exploration, development and acquisition of domestic properties in the Gulf Coast regions of Texas and Louisiana. Certain statements in this news release regarding future expectations and plans may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, including uncertainties regarding timing, and capital availability, discussed in detail in Harken's SEC filings. Actual results may vary materially.SOURCE Harken Energy Corporation
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