HEC Harken Energy Corp

Harken's Global Energy Subsidiary Signs Exploration and Production Contract for 75,000 Additional Acres in Colombia Contract Includes Two Existing Wells; Recompletions Will Be Initiated Before Year-End DALLAS, Sept. 15 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) today reported that its 85.62% owned subsidiary, Global Energy Development PLC, ("Global") has signed an Exploration and Production Contract with the National Hydrocarbons Agency of the Republic of Colombia for the Rio Verde area, located in the central Llanos region. The contract assigns Global exclusive exploration and production rights to 75,000 acres located approximately 40 kilometers north of Global's Palo Blanco complex. Global will own 100% of the contract subject only to an additional 10.5% percent royalty, this payment being divided between the Colombian Ministry of Energy and others. The size of the royalty payable to the Colombian Ministry of Energy is determined by future production levels. The contract duration is approximately six years for the exploration phase and 24 years for the exploitation phase. Terms of the contract require Global during Phase 1 to equip for production two existing wells located on the Rio Verde acreage, the Tilodiran #1 and the Macarenas #1. These wells, drilled in 1986 and 1993 respectively, tested productive. The Tilodiran #1 was drill stem tested at a rate of 258 barrels in five hours of 18 degree to 23 degree API gravity oil. The Macarenas #1 was drill stem tested at a rate of 320 barrels per day of 33 degree API gravity oil. Also during Phase 1 of the contract, Global is required to reprocess 300 kilometers of existing seismic and acquire 50 kilometers of new 2D seismic. The time period for Phase 1 is 20 months. If Global elects to enter Phase 2 of the contract, the company must drill one exploration well and acquire a further 25 kilometers of 2D seismic. Phases 3, 4 and 5, also optional, require one exploratory well to be drilled per phase. Phases 2, 3, 4 and 5 have a time period of 12 months each. Commenting on the Rio Verde contract, Stephen C. Voss, Managing Director for Global Energy Development PLC, said, "We are very pleased that Global is one of the first companies to sign a new contract with the newly formed state-owned National Hydrocarbons Agency. This new contract provides the company with further reserves, near-term production growth opportunities and significant upside exploration potential in an area in which we have many years of operating experience. "The recompletions of the Tilodiran #1 and the Macarenas #1 are of special interest and will be the focus of our initial efforts during the remainder of 2004. We hope to install subsurface pumps and surface processing equipment for both wells and bring them on production as soon as operationally possible. In addition, we are excited about additional development around the Tilodiran #1 and Macarenas #1 wells and the exploration opportunities located on the remaining Rio Verde contract acreage." 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, , both of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation Web site: http://www.harkenenergy.com/

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