HEC Harken Energy Corp

Harken Announces Positive Test Results on Its Estero 4 Well in Colombia HOUSTON, April 21 /PRNewswire-FirstCall/ -- Harken Energy Corporation ("Harken"), announced today that Global Energy Development PLC ("Global") which is 85% owned by Harken has perforated and tested the Massive Ubaque zone from 8352 to 8371 feet in its Estero 4 well on Global's Alcaravan Association Contract in Colombia. The Massive Ubaque zone, which according to third party log analysis contains at least 14 feet of producible hydrocarbon thickness, tested at a maximum rate of 960 gross barrels of oil per day. The measured density of the crude oil was 16 degrees pursuant to the measurement standards established by the American Petroleum Institute. Global expects to place the well on production by month end. The Massive Ubaque zone is a new producing formation for the field and provides added enthusiasm for future development. Through the discovery and successful testing of the Massive Ubaque zone, Global has now established a third producing reservoir in Global's Palo Blanco field. In addition to the Massive Ubaque, the Upper Mirador and Upper Ubaque are also productive in the field. Both the Upper Mirador and the Upper Ubaque had excellent shows during the drilling of the Estero 4 and will likely be tested in the future. Global owns a 100% working interest in this well. Global plans to drill two additional wells in this field this year. Presently the geologic maps are being updated to include the latest data from the Estero 4 well. The independent engineering studies on this field already reflect five additional locations to be drilled in the Palo Blanco field in the future. Commenting on the Estero 4 test results, Alan Quasha, Chairman of Harken stated, "We are pleased with the test results of the Estero 4 well and the immediate positive impact it will have on Global's future cash flows. As geology is not an exact science and while we must caution that we are still in the testing phase, the results from this well appear to be very good news. This well adds a new third zone in Global's Palo Blanco field. Our main objective with this well was to find commercial quantities in both the Mirador and Upper Ubaque zones, which we appear to have done. We also had unexpected shows in a new zone, the Massive Ubaque, and preliminary results indicate that production from this zone alone will significantly increase Global's current daily gross production from its current level of approximately 1325 gross barrels of oil produced per day. The test results from the Estero 4 well reinforce our belief that the Palo Blanco field alone provides great future potential for Global. Our decision to drill at least two more wells there this year demonstrates our confidence in Palo Blanco's potential." 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. 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. DATASOURCE: Harken Energy Corporation CONTACT: Investor Relations of Harken Energy Corporation, +1-281-504-4000, or Web site: http://www.harkenenergy.com/

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