Harken Energy Files 8-K Reporting Non-Reliance on 2004 Financial Statements

Harken Energy Files 8-K Reporting Non-Reliance on 2004 Financial
Statements 


DALLAS, March 18  /PRNewswire-FirstCall/ -- Harken Energy Corporation
("Harken") (AMEX:HEC) announced it has filed a Form 8-K report with the
Securities and Exchange Commission disclosing that the company was advised by
its independent registered public accounting firm, Hein & Associates LLP
("Hein"), subsequent to the filing of Harken's Form 10-K of the discovery of an
error in Harken's 2004 financial statements.  This error pertains to the
unrecorded accounting effect of the third quarter 2004 modification of the
employee stock option plan of Global Energy Development PLC ("Global"). Harken
owns an 85% interest in Global.  As result of the discovered error, Harken
reported that the financial statements for the year ended December 31, 2004 and
for the third quarter of 2004 should no longer be relied upon. Harken will be
reclassifying the option plan from a fixed option plan to a variable option
plan and recognizing compensation expense related to Global's stock options in
Harken's previously issued consolidated financial statements for the year ended
December 31, 2004 and for the third quarter of 2004.  For more information
please review the Form 8-K report.

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].

Certain statements in this announcement including statements about our plans,
objectives, intentions, and expectations are "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934, as amended. 
Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made and are subject to known and
unknown risks and uncertainties and inaccurate assumptions that could cause
actual results to differ materially from those expected or implied by the
forward-looking statements.  Harken's actual results could differ materially
from those anticipated in the forward-looking statements for many reasons,
including the risk that additional "material weaknesses" or other internal
control deficiencies with the meaning of Section 404 of the Sarbanes-Oxley Act
of 2002 are identified, the risk that additional accounting errors are
identified, and the risk that Harken is required to restate its prior financial
statements for period other than the third quarter of 2004 and fiscal year
2004.  Readers are cautioned not to place undue reliance upon these
forward-looking statements, which speak only as the date hereof.

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

DATASOURCE: Harken Energy Corporation



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

Senior Account Executive, , both of CTA Public Relations,

[phone], for Harken Energy Corporation



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

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