. Empresas petroleras

Resumen de laberinto de las empresas
- MKJ, Harken Energy, Harken Costa Rica Holdings, Mallon
- Harken

Harken
- Artículo bush
- Articulo enn y otros de prensa internacional
- Información del CD
- Link a su pagina

Mallon
- Información sobre lo que hace y donde lo quiere hacer (zona norte)
- Link a su pagina

 

Harken Energy Corporation (ticker: HEC, exchange: American Stock Exchange) News Release - 11-Dec-2001

Harken Provides Operations Update For Global

HOUSTON, Dec 11, 2001 /PRNewswire via COMTEX/ -- Harken Energy Corporation's (Amex: HEC) ("Harken") wholly owned subsidiary, Global Energy Development Ltd. ("Global"), announced today that it has exceeded 1,000,000 barrels of oil produced from its Palo Blanco Field in Colombia. Gross production in year 1999 was 102,000 barrels, in year 2000 was 305,000 barrels, and is expected to be 604,000 barrels in 2001. Given independent engineering estimates gross production in 2002 is expected to be 629,000 barrels.
Global further announced that it has added another geographic theatre to its international operations by recently signing a Technical Evaluation Agreement ("TEA") with the Panamanian General Hydrocarbon Directorate. The TEA covers three areas of approximately 2,700,000 acres extending from northeastern to southwestern Panama and increases Global's international acreage holdings to cover 11 million acres in four countries (Panama, Peru, Costa Rica and Colombia). Global has the option to convert the TEA to a five year operations contract, with a twenty-five year production period.
Global has identified three strategic objectives for its contracted acreage in Panama. First, in the Bocas del Toro Area, Global will analyze the feasibility of developing potential onshore coalbed methane reserves that can be utilized to fuel electrical power generation plants and manufacturing facilities in Panama. In the Colon Anticline Area, the Company will determine the technical merits of extending the Costa Rica Moin Oligocene play into Panama where gas was tested from an Oligocene reef offshore from Colon in 1978. Global will also assess in the Garachine Area the ability of the source rock capacity of western Panama to generate potentially commercial quantities of crude oil which, if so, may then justify further exploration.
Global is pleased to announced the availability of its new website. The company encourages you to visit this site which includes a description of current projects, company strategy, country statistics and management biographies. The website can be accessed at www.globalenergyltd.com .
Global's President, Stephen C. Voss, commented, "We are very excited to be entering Panama. Panama has a number of encouraging indicators of the presence of hydrocarbons. Most importantly, Panama has a rapidly growing economy based on its strategic location that provides a significant and immediate market for any future natural gas or oil production."
Based in Houston, Texas, Global Energy Development Ltd., a subsidiary of Harken Energy Corporation ("Harken") is an internationally focused oil and gas exploration and production company with operations and/or acreage holdings in the countries of Panama, Peru, Costa Rica and Colombia.
Based in Houston, Texas, Harken Energy Corporation ("Harken") is an oil and gas exploration and production company whose corporate strategy calls for concentrating its resources on exploration and development of its domestic properties in the Gulf Coast regions of Texas and Louisiana.
Certain statements in this news release regarding future expectations and plans for oil and gas exploration, development and production may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data related to underground accumulations of oil and gas, timing and capital availability, discussed in detail in Harken's SEC filings, including the Annual Report on Form 10-K. Actual results may vary materially.
SOURCE Harken Energy Corporation
CONTACT: Investor Relations of Harken Energy Corporation,
+1-281-504-4000, or info@harkenenergy.com

 

 

Harken Energy Corporation is a minority partner in Harken Costa Rica Holdings, the holder of a Concession Contract for exploration and produciton of hydrocarbons in the area of Limon. This afternoon, Harken Energy (not Harken Costa Rica -- a separate company) issued a press release writing off its investment in Costa Rica. I have attached a copy of the press release for your reference. You can also visit the Harken Energy website.

This action by Harken Energy requires Harken Costa Rica (the "Company") to issue a press release as follows:

Harken Energy corporation today announced that it will write off its entire investment of nearly $9,000,000 (+/-3,078,000,000 colones) in the Costa Rica hydrocarbons Concession Contract.

Brent Abadie, President and CEO of Harken Costa Rica Holdings (the "Company"), the legal holder of the Concession Contract, immediately moved to clarify the situation. Harken Energy is merely a minority partner in the Company. The majority interest is held by MKJ Xploration, the original bidder on the Concession. Harken Costa Rica and MKJ remain excited about this very important project. The Company believes that the Moin prospect has identified a world class reserve with the potential to be the single greatest economic event in the history of Costa Rica.

MKJ officials explained that the write off by Harken Energy is an accounting procedure which reflects an evalation of the current conditions by Harken Energy management. This is significant because it indicates that Costa Rica is creating an environment which discourages business and international investment which is essential to growth in the Costa Rica economy. Company officers further explained that Harken Energy is publicly traded and is making this disclosure in order to act responsibly to its shareholders. MKJ is privately held, and its owner, Eric Conrad, has dedicated all of his resources to making the project a success.

Frustrated by an absence of progress, in July, 2001, Harken Energy relinquished control of the project back to MKJ. New management communicated to MINAE's Minstra and her subordinates that the delays of over a year to act on the environmental impact assessment for the Moin exploratory well were causing damage to the reputation of Costa Rica, depriving people of much needed good jobs, and causing great expense to the Company.

Recently, the government of the Municipality of Limon sent a Resolution to SETENA callin g for an immediate decision on the permit for the well. Harken Costa Rica and MKJ appreciate the approval and expression of support for the project and the Company by the People and the officials in Limon. We hope that SETENA, MINAE and the Central Government will soon honor Limon's request.

Harken Costa Rica's President, Brent Abadie, stated, "In 1998 MKJ signed a solemn contract to develop on or the rich natural resources of Costa Rica. We have carefully followed all of the laws, and we have performed all of our work in a responsible manner, always respecting the environment. We will not abandon this project or the many people in Costa Rica that have supported us. We will honor our promises and obligations, as we are sure the People and Government of Costa Rica will honor theirs. Harken Energy has done that which it feels it must do. MKJ and Harken Costa Rica Holdings are ready, willing and anxious to move forward on this very important project with our true partners, the People of Costa Rica."

 

Articulo enn

Story Filed: Tuesday, March 06, 2001 5:49 PM EST
Mar. 06, 2001 (Oil & Gas Interests, Vol. 15, No. 2 via COMTEX) --

Seeking A New Peer Group: Harken Energy Is Among Small Caps That Did Not See A Stock-Price Improvement In 2000
Be careful of whom your peers are, it could be said, in the example of Harken Energy Corp. The Houston-based independent (Amex: HEC) has endured a tumbling stock price while other independents' market values have soared since March 1999, the end of the most recent downturn.
Norwalk, Conn.-based oil research firm John S. Herold Inc.'s group of 43 small-cap U.S.-based producer stocks, of which HEC is a member, showed tremendous market-value improvement in 2000. On average, the stocks finished the year 79.8% higher than how they began it. Six finished at a loss, though: Harken, Cheniere Energy, Energy Partners Ltd. (which had just gone public in December), McMoRan Exploration, Fortune Natural Resources and DevX Energy. Not bad company, except from the market's sometimes obfuscatious perspective.
Stephen C. Voss, Harken vice chairman, says he believes it is Harken's international exposure that has cost it Street favoritism. Harken has operations on the U.S. Gulf Coast and in Colombia, and it has a large concession offshore Costa Rica in the Caribbean. This concession, held with private New Orleans- based MKJ Xploration Inc., was the first awarded by Costa Rica, which has no oil or gas production presently, in more than 25 years. The two onshore and two offshore blocks on the Caribbean coast, are all adjacent and totaling 1.4 million acres, or about the size of Delaware. Costa Rica itself is about the size of south Louisiana.
Harken paid $4.2 million cash and 20,000 three-year common-share purchase warrants to MKJ to get into the concession, and owns 80% of Harken Costa Rica Holdings LLC. The contract with the Costa Rican ministry of energy and environment calls for royalty payments to the government of a minimum 1% of oil production when less than 21 barrels per day, and a maximum 15% when more than 1,000 barrels per day. Any of the unused exploration years can be applied to the production period.
Denver-based Mallon Resources Corp. (Nasdaq: MLRC) has also won a concession, all of it onshore and north of the Harken-MKJ area. Harken is hoping to be first to production, of a native Costa Rican supply of oil and gas, and expects drilling to get under way in the third quarter.
It anticipated an earlier start but that was stunted by a request for judicial relief, filed by members of the indigenous Bri-Bri community, and enjoined by other peoples and organizations, all of whom claim they were not notified of the government's plans.
Meanwhile, Harken is waiting for the leatherback turtle nesting season to end, in late May, before proceeding. Costa Rica's Caribbean shore is the world's largest nesting site of the green turtle and a major host of the leatherback version, which can weigh as much as 1,500 pounds. Both make monster-truck-style tracks in the sand in their protracted trek ashore to lay their eggs and then return to sea. The sensitive female turtle, who may be nesting for the first time at the age of 50, will return to the ocean if disturbed while coming ashore to lay her eggs, and lights will confuse both mother and hatchlings, which are aided by the horizon in their travel.
The Moin-2 well is planned about 10 kilometers offshore and 12 kilometers north of Puerto Limon, in the neighborhood of Unocal Corp.'s onshore Victoria-1 and Limon-1 wells, which were drilled to about 10,500 feet each, and Elf Aquitaine's offshore Moin-1 well, which was drilled to 6,844 feet. All of these were drilled prior to 1976, with the Elf well being the country's last one by a nongovernmental exploration company. Both Unocal wells tested oil; the Victoria- 1 also had gas shows. The Elf well, drilled to Eocene-age rocks, had no shows.
Harken's Moin-2 exploratory targets are Tertiary and the never-before- drilled Cretaceous. The company believes the prospect has 80,000 acres of Cretaceous fault segmented closure, one of the largest undrilled structures in the Caribbean Basin.
"We have just begun seeking partners to fund the first exploration wells and there will be two or three of these," says Voss. "Development would be funded on a project-finance basis."
Voss and Harken Costa Rica Holdings president and chief executive E.C. Kettenbrink Jr. were showing the prospect at the recent NAPE 2001 show in Houston. They also addressed participants in NAPE's international program.
Voss says of the prospect, "It is a rather dramatic feature with a lot of vertical relief and a lot of areal closure. There is nothing subtle about this geologic feature. It's very obvious and very pronounced. The shallower Tertiary reef's seismic profile is also quite exciting."
Infrastructure exists, eliminating it as an issue to investors. "There is a nearby onshore refinery that has the capacity to process about 30,000 barrels per day. A very short subsea pipeline would be required but it's not a big logistical issue. We're really in a good position to either supply the oil by pipeline to the coast, or use a floating production system to ship the oil to other markets."
Voss believes the indigenous peoples' protest that was filed this past summer affected investor interest in the stock. "I think that was a negative, but we told people from the beginning that the Costa Rican government was going to see this through to a successful conclusion."
He adds, "Some negative [investor] sentiment may have been based on the fact that we have some of our reserve base in Colombia. That is a concern to some folks. Triton Energy Ltd., Occidental Petroleum Corp., BP and many other companies, admittedly all larger than us, still have a heavy concentration of assets in Colombia but haven't been punished in the market to the degree that we have been."
The company has cash, too--about $27 million on Sept. 30, and working capital of $18 million. "If you look at our financial statements, you'll find us quite a stable company from a liquidity point of view. We have had growing revenues and cash flows. We're healthy, financially."
The market did begin to notice the stock in late January, with Harken's roughly $3-per-share price doubling to the $6 range in four weeks' time, and to an intraday high of more than $8 on Jan. 29, putting the company's stock in a new peer group--The Winners--at least for now.