Harken Energy Announces $34 Million Capital Expenditure Budget for 2005

Harken Energy Announces $34 Million Capital Expenditure Budget
for 2005
Harken Increases Drilling and Development Budget by 87% Over 2004 


DALLAS, Feb. 17  /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
announced its 2005 capital expenditure budget totaling approximately $34
million for its two principal subsidiaries, representing an 87% increase from
Harken's 2004 capital expenditure budget.  Harken anticipates funding its 2005
capital programs from cash on hand and internally generated cash flow from
operations.

Harken's 85%-owned subsidiary, Global Energy Development PLC ("Global"), which
operates in Colombia with additional agreements in Peru and Panama, has
budgeted approximately $18 million of capital expenditures in 2005 to continue
to develop its crude oil assets in Middle America.

The majority of Global's 2005 capital expenditure plans are targeted for
Global's operations in its Palo Blanco Field, Bolivar Field and Rio Verde Field
in its existing Association and Exploration and Production Contracts in
Colombia.  Global's capital expenditure budget also includes costs for other
seismic and exploration activities in Peru, Panama and Colombia.

Harken's principal domestic subsidiary, Gulf Energy Management Company ("GEM"),
whose primary operations are along the Gulf Coast of Texas and Louisiana, has
budgeted approximately $16 million for its field development activities in
2005.  GEM's projected 2005 capital budget targets exploration and development
drilling in the Lapeyrouse Field, Lake Raccourci Field, Main Pass Field and
other fields along the Texas and Louisiana Gulf Coast.

Harken 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 Harken's Web site,
http://www.harkenenergy.com/ , or by calling Bevo Beaven or Bill Conboy at CTA
Public Relations at [phone].

This announcement may contain forward-looking statements as defined by the
Securities and Exchange Commission including terms such as "anticipates" and
statements relating to expectations as to programs, projects, development and
growth.  .  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 September 30, 2004 filed
on November 5, 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 statement.

  Contact:  Bevo Beaven, Vice President
            Bill Conboy, Sr. Account Executive
            CTA Public Relations
            303-665-4200
            
            

DATASOURCE: Harken Energy Corporation



CONTACT:  Bevo Beaven, Vice President, , or Bill Conboy,

Sr. Account Executive, , both of CTA Public Relations,

[phone], for Harken Energy Corporation



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

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