Harken Announces Placement of Series J Convertible Preferred Stock

Harken Announces Placement of Series J Convertible Preferred
Stock 


HOUSTON, May 6  /PRNewswire-FirstCall/ -- Harken Energy Corporation  ("Harken")
announced that on April 28, 2004 it issued an aggregate of 50,000 shares of its
Series J Convertible Preferred Stock ("J Preferred") and approximately 2.9
million warrants to purchase Harken common stock to Alexandra Global Master
Fund Ltd. ("Alexandra") in exchange for $5,000,000 in cash.  The Series J
Preferred has a liquidation value of $100 per share, is non-voting and is
convertible at the holders' option into common stock at a conversion price of
$0.87 per share, subject to adjustments in certain circumstances.  The J
Preferred rank senior to Harken's common stock and pari passu with other issues
of preferred shares by Harken.  The warrants issued with the Series J Preferred
have a term of one (1) year and a strike price of $0.98 per share.  The terms
of the J Preferred and warrants are discussed in further detail in Harken's
Form 8-K and exhibits filed with the Securities and Exchange Commission on
April 29, 2004.

Harken anticipates using the proceeds from the private placement of the J
Preferred and warrants to expand and accelerate portions of Harken's drilling
objectives previously announced as part of Harken's 2004 capital expenditure
plan.

This announcement contains forward-looking statements as defined by federal law
and regulations including those enacted by the Securities and Exchange
Commission.  The forward-looking statements in this announcement reflect the
current view of management with regard to its plans for capital expenditures in
2004 and other future events.  Management's current view and plans, however,
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 Annual Report on Form 10-K for the fiscal year ended
December 31, 2003 filed with the Securities and Exchange Commission.  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:  Investor Relations of Harken Energy Corporation,

[phone], or  



Web site:  http://www.harkenenergy.com/ 

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