Harken Energy Subsidiary Acquires New 85,000 Acre Exploration and Production Contract for the Los Hatos Area in Colombia

Harken Energy Subsidiary Acquires New 85,000 Acre Exploration and
Production Contract for the Los Hatos Area in Colombia
New Area Adjoins the Established Palo Blanco Field 


DALLAS, Nov. 4  /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC)
announced its 85% owned subsidiary, Global Energy Development PLC ("Global"),
signed a new Exploration and Production Contract with the National Hydrocarbons
Agency of the Republic of Colombia for the Los Hatos area, located in the
central Llanos region.

Global will own 100% of the contract subject only to an initial 8% royalty
payable to the Colombian Ministry of Energy.  The final size of the royalty is
to be determined by future production levels.  The contract duration is
approximately six years for the exploration phase and 24 years for the
exploitation phase.

The contract grants Global exclusive exploration and production rights to
85,000 acres which adjoin the established, producing Palo Blanco field.  Terms
of the contract require Global during phase 1 to drill one exploratory well.
The time period for phase 1 is 16 months.

If Global elects to enter phase 2 of the contract, Global must drill either one
well or acquire 50 kilometers of 2D seismic.  Phases 3, 4 and 5, also optional,
require one exploratory well to be drilled per phase.  Phases 2, 3, 4 and 5
have a time period of 12 months each.

"We are very excited to have signed this new contract," said Stephen C. Voss,
Managing Director of Global.  "The Los Hatos acreage is contiguous with our
existing Alcaravan acreage allowing the company the opportunity to potentially
expand the established Palo Blanco Field to the south.  The Los Hatos contract
supplements our current active drilling program in Palo Blanco where previous
drilling activity has indicated that additional reserves may exist in or near
the field.

"We plan to pursue the drilling of at least one exploratory well in the new
contract area, to be located south of our Cajaro # 1 well which was drilled
during 2003 and is now producing high quality oil.  Should this exploratory
well be successful, we believe additional drilling locations, reserves and
production could be added to our expanding Palo Blanco complex area.  At
December 31, 2003, Harken listed proved reserves of approximately 1.8 million
net barrels related to its interest in the Palo Blanco field.

"We believe the Los Hatos contract, together with our recently signed Rio Verde
contract provides Harken with considerable opportunities going forward."

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 June 30, 2004 filed on August 12, 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.

For further information, please contact: Bill Conboy, Senior Account Executive,
, or Bevo Beaven, Vice President, , both of CTA Public Relations,
[phone], for Harken Energy Corporation. 

DATASOURCE: Harken Energy Corporation



CONTACT:  Bill Conboy, Senior Account Executive, , or Bevo

Beaven, Vice President, , both of CTA Public Relations,

[phone], for Harken Energy Corporation



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

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