Printer Friendly

HARKEN INCREASES RESERVES AND PROSPECTIVE ACREAGE IN PARADOX BASIN

 DALLAS, March 17 /PRNewswire/ -- Harken Energy Corporation (AMEX: HEC) ("Harken") of Dallas today announced that it has acquired from an undisclosed seller additional oil and gas properties in the Four Corners area of Utah, New Mexico and Arizona. Harken's total purchase price was approximately $1.6 million consisting of $250,000 cash and $1.35 million of non-recourse debt.
 The properties acquired include recoverable proved reserves estimated at 143,000 barrels of oil and 1.3 BCF of gas. In addition to the proved reserves, these properties include the exploration and drilling rights to approximately 27,466 net undeveloped acres in the same area, natural gas liquids from the Aneth Gas Plant, and additional reserves which can be recovered through waterflood of the existing field.
 The acquired properties are located in the Paradox Basin, an area where Harken has developed technical expertise and operating capability through its wholly-owned subsidiaries, Chuska Resources Corporation and Sunfield Energy Corporation ("Chuska"). Chuska has been active over the past four years in successful exploratory and developmental drilling operations in this basin.
 Harken's Chairman, Mikel D. Faulkner, said, "The favorable acquisition of these properties increases the production base and development potential in an area where Harken has significant technical and operational capabilities. The resulting increase to our domestic asset base enhances our flexibility as we pursue both domestic and international growth opportunities."
 Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Harken also provides oilfield services.
 -0- 3/17/93
 /CONTACT: Dale Brooks of Harken, 817-695-4900/
 (HEC)


CO: Harken Energy Corporation ST: Texas IN: OIL SU:

GK -- NY023 -- 6918 03/17/93 09:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 17, 1993
Words:275
Previous Article:UNION CARBIDE REPORTS ON RESULTS OF 7.5 PERCENT CONVERTIBLE DEBENTURE REDEMPTION
Next Article:PLAINS RESOURCES ANNOUNCES PRODUCING PROPERTY ACQUISITION
Topics:


Related Articles
HARKEN ANNOUNCES AGREEMENT TO ACQUIRE CHUSKA RESOURCES CORPORATION
HARKEN ANNOUNCES DRILLING PLANS IN COLUMBIA
HARKEN ANNOUNCES PARTICIPANT AT ALCARAVAN
HARKEN ANNOUNCES SIGNING COLOMBIAN ASSOCIATION CONTRACT
HARKEN STARTS DRILLING IN COLOMBIA
HARKEN ANNOUNCES COLOMBIAN DRILLINGRESULTS
HARKEN UPDATES WORK PROGRAMS IN COLOMBIA
HARKEN ANNOUNCES SIGNING COLOMBIAN ASSOCIATION CONTRACT
HARKEN ANNOUNCES DRILLING PLANS IN COLOMBIA
HARKEN ANNOUNCES SIGNING COLOMBIAN ASSOCIATION CONTRACT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters