HEC Harken Energy Corp

Harken Announces Placement of Series J Convertible Preferred Stock HOUSTON, May 6 /PRNewswire-FirstCall/ -- Harken Energy Corporation ("Harken") announced that on April 28, 2004 it issued an aggregate of 50,000 shares of its Series J Convertible Preferred Stock ("J Preferred") and approximately 2.9 million warrants to purchase Harken common stock to Alexandra Global Master Fund Ltd. ("Alexandra") in exchange for $5,000,000 in cash. The Series J Preferred has a liquidation value of $100 per share, is non-voting and is convertible at the holders' option into common stock at a conversion price of $0.87 per share, subject to adjustments in certain circumstances. The J Preferred rank senior to Harken's common stock and pari passu with other issues of preferred shares by Harken. The warrants issued with the Series J Preferred have a term of one (1) year and a strike price of $0.98 per share. The terms of the J Preferred and warrants are discussed in further detail in Harken's Form 8-K and exhibits filed with the Securities and Exchange Commission on April 29, 2004. Harken anticipates using the proceeds from the private placement of the J Preferred and warrants to expand and accelerate portions of Harken's drilling objectives previously announced as part of Harken's 2004 capital expenditure plan. This announcement contains forward-looking statements as defined by federal law and regulations including those enacted by the Securities and Exchange Commission. The forward-looking statements in this announcement reflect the current view of management with regard to its plans for capital expenditures in 2004 and other future events. Management's current view and plans, however, 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission. 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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