Harken Energy Announces Pending Contract in Peru

Harken Energy Announces Pending Contract in Peru 


DALLAS, Dec. 17  /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
announced that Perupetro S.A. ("Perupetro"), the national oil company of Peru,
has approved for signature a new license contract between Perupetro and Global
Energy Development PLC ("Global"), Harken's 85% owned subsidiary, for the
Exploration and Exploitation of Hydrocarbons in the Block 95 Area located in
the Maranon Basin of Northeastern Peru.

This approval represents a required statutory step towards the signing of
Global's first contract in Peru.  The company anticipates that the contract
will be signed by Global and Perupetro and subsequently become effective by the
end of the first quarter of 2005.

The approval follows a 2001 Technical Evaluation Agreement which Global entered
into with Perupetro.  Global conducted an extensive study of the Block 95 Area
that included the reprocessing of seismic data and evaluation of previous well
data.

The Bretana field, located in the Block 95 Area, was identified in the early
1970s.  In 1974 the Bretana # 1 well tested 18 degree API gravity oil at rates
of approximately 800 barrels of oil per day.

It is anticipated that when signed, the contract will assign Global exclusive
exploration and production rights to approximately 1,255,000 acres and that
Global will own a 100% working interest in the contract subject only to an
initial 5% royalty.  The size of the royalty is to be determined by future
production levels.  The contract duration is currently set at approximately
seven years for the initial exploration phases and 23 years for the
exploitation phase.

Commenting on the forthcoming Peruvian contract, Stephen C. Voss, Managing
Director for Global Energy Development PLC, said, "We are delighted to announce
this significant step towards signing our first exploration and exploitation
contract in the country of Peru.  Block 95 is a portion of the original Area
III that the company evaluated over the last three years under the TEA, and
identified a number of opportunities including the Bretana oilfield.  We
believe the Bretana oilfield is a development drilling opportunity, based on
data provided by independent engineers.  In addition, the company considers the
remaining contract acreage to offer exploration opportunities.  Global looks
forward to completing the signing procedure and commencing operations on this
exciting area."

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 [phone].

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 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 statements

  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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