HEC Harken Energy Corp

Harken Provides Update on Drilling Activity HOUSTON, April 1 /PRNewswire-FirstCall/ -- Harken Energy Corporation ("Harken") is providing an update on the following domestic Gulf Coast drilling activity: In the onshore and offshore Gulf Coast regions of Texas and Louisiana, Harken is pleased to report that all of its drilling and completing efforts in the first quarter of 2004 have been successful. Lake Raccourci Field, Lafourche Parish, Louisiana -- State Lease 14284 #1 Well - Recent recompletion was successful - Current gross production rates have increased to 4,650,000 cubic feet per day with 42 Barrels per day condensate, flowing with 2,635 pounds per square inch -- State Lease 1480 #2 Well - Previously reported recompletion remains successful - Current gross production rates are still approximately 200 Barrels of oil per day, 200,000 cubic feet per day associated gas, flowing with about 1,500 poundsper square inch Harken holds a 40% operated working interest in each of these wells. With these successful recompletions, production rates for the Lake Raccourci Field have more than doubled. Raymondville Field, Willacy and Kenedy Counties, Gulf Coast Region, Texas -- Yturria #4-1 Well - Has been completed, and stimulated by a frac operation - Initial well performance test results last week indicated initial gross production rate of over 3,000,000 cubic feet per day gas - A vertically drilled well with an interval depth of over 12,000 feet -- Yturria #3-27 Well - Drilled to a total depth of 8,850 feet measured depth, 8,456 feet true vertical depth - Now attempting completion; expect to have well on production in next 30 days Harken holds a non-operated 27% interest in each of these Raymondville Field wells. Lapeyrouse Field, Louisiana -- Harken has participated in two additional wells since our last press release. Both wells have been successfully completed and are now on production. Total current gross production from these two wells and the previously reported AM Dupont #2 well is 11,100,000 cubic feet per day gas, and 120 barrels per day condensate. Harken holds a non-operated 10% interest in each of these wells. Chairman's Comment Harken's Chairman, Mr. Alan G. Quasha commented, "I am very pleased with the preliminary indications of success. At the rates these wells are currently producing, they are likely to have an important impact on the Company's revenues this year. What may have been obscured by Harken's 2003 capital restructuring plan is Harken's track record for finding oil and gas by its domestic team. Excluding the first quarter of 2004 activity, which is likely to improve this average, over the past three years the domestic team has compiled an excellent track record, participating in 24 successful completions out of 33 wells and averaging a finding cost of approximately $1.00 per thousand cubic feet equivalent gas. We are delighted to see this track record continuing." Mr. Quasha continued, "As we stated before, our capital expenditure budget for the year is approximately $18 million, all of which we expect to fund from cash on hand and cash from our operating activities. Based upon our drilling for the first quarter, we are on budget." 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 regardto 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 onForm 10-K for the fiscal year ended December 31, 2003 filed on March 26, 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 thatthe 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: Investor Relations of Harken Energy Corporation, +1-281-504-4000, or Web site: http://www.harkenenergy.com/

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