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. 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.
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