HEC Harken Energy Corp

Harken Energy Announces Positive Test Results for an Additional Zone in the Estero 2 Well in Colombia Harken's Subsidiary Plans to Drill up to 4 New Wells Plus 2 Recompletions in the Palo Blanco Field During the Next 12 Months HOUSTON, June 24 /PRNewswire-FirstCall/ -- Harken Energy Corporation's (AMEX:HEC) 85% owned subsidiary, Global Energy Development PLC, has perforated and tested a new zone in its Estero 2 well, located in the Palo Blanco field in Colombia, SA. The Upper Mirador zone from 7664 feet to 7668 feet tested at a maximum rate of 432 gross barrels of oil per day. The measured density of the test crude oil was 37 degrees pursuant to the measurement standards established by the American Petroleum Institute. After completing additional testing of the new zone, Global expects to begin commingling production from the Upper Mirador with the Ubaque formation, which was already producing 160 gross barrels of oil per day in the Estero 2 well. Global owns a 100% working interest in the Estero 2 well. Based upon the recent successes in the Palo Blanco field, Global plans to drill up to four new wells in the field during the next 12 months. In addition, it plans to recomplete two existing wells that are currently producing in the Ubaque for additional productivity in the Upper Mirador. "We are pleased with the test results from the Estero 2 Mirador formation and the positive impact we believe the production from this new pay zone will have on Harken's future cash flows," said Alan G. Quasha, Chairman of Harken Energy. "Our main objective with this recompletion was to find commercial quantities in the Upper Mirador zone, which we appear to have done. The test results from the Estero 2 well continue to support our belief that the unfolding story of the Palo Blanco field is an exciting one and that the Palo Blanco field alone provides significant future potential for Harken Energy." Harken Energy Corporation is engaged in oil and gas exploration, development and production operations both domestically and internationally through its various subsidiaries. Additional information may be found at the Harken Energy Web site, http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill Conboy at CTA Public Relations at (303) 665-4200. This announcement may contain forward-looking statements as defined by the Securities and Exchange Commission. Harken, however, believes that it is important to provide this operations update and communicate its future expectations to its stockholders. The forward-looking statements in this announcement reflect the current view of management with regard to future events and 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 filings with the Securities and Exchange Commission including the Annual Report on Form 10-K for the fiscal year ended December 31, 2003 filed on March 26, 2004 and its Form 10-Q for the quarter ended March 31, 2004 filed on May 14, 2004. Statements regarding future production are subject to all of the risk and uncertainties normally associated with exploration, development and production of oil and gas. These risks include, without limitation, variability in the price received for oil and gas production, lack of availability of oil field goods and services, environmental risks, drilling and production risk, risk related to offshore operations, and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. 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. DATASOURCE: Harken Energy Corporation CONTACT: Bevo Beaven, Vice President, , or Bill Conboy, Senior Account Executive, , of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation Web site: http://www.harkenenergy.com/

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