HEC Harken Energy Corp

Harken Energy Provides Domestic Operations Update DALLAS, July 6 /PRNewswire-FirstCall/ -- Harken Energy Corporation (AMEX:HEC) has released updated production figures and well completion status for its domestic oil and gas operations, which are located primarily along the onshore and offshore Texas and Louisiana Gulf Coast. Harken's net domestic production rate rose to 9,189 thousand cubic feet equivalent (Mcfe) per day. Harken is committed to the continuing development of its domestic operations in 2004 and has budgeted approximately $9 million to grow its Gulf Coast operations in 2004. The following field data updates the status of Harken's domestic drilling projects through the end of June. Lapeyrouse Field -- Louisiana * Thomas Cenac #1, in which Harken has a 28% working interest and is the operator, is back on production at a gross rate of approximately 800 Mcf per day. * Harken holds various working interests between 6% and 10% in three other wells that are together producing at a combined gross rate of 17,100 Mcf per day plus 155 barrels of condensate per day. * A well in which Harken has a 10% working interest, is currently completing in the Duval Sand. * A new development well, in which Harken has a 10% working interest, was spudded June 23, 2004. Main Pass -- Louisiana * Harken has been granted a permit to increase its gas processing capacity from 27,000 Mcf per day to 41,000 Mcf per day at its offshore platform that currently serves a number of wells and operators in the field. Raymondville, Willacy and Kenedy Counties -- Texas * Yturria #4-1, in which Harken has a 27% non-operated working interest, has been completed and stimulated by hydraulic fracturing. The current production rate is approximately 700 Mcf per day. * Yturria #3-28, in which Harken has a 27% non-operated working interest, was drilled to a measured depth of 8,735 feet. The well was subsequently plugged and abandoned as a dry hole. * An AFE to drill the Yturria # 3-29 has been approved, with expected spud in the next 30 days. * Two additional workover wells, the Yturria #3-5 and Yturria #3-26 have been approved for immediate implementation. Lake Raccourci Field -- Louisiana As of June 30, 2004, the Lake Raccourci field production rate, which had doubled during the first quarter of 2004, is holding at approximately 9,700 Mcfe per day, gross. Harken holds a 40% operated working interest in each of its Lake Raccourci wells. * Drilling prospect, SL 1480 #4 has been downgraded in priority after new reprocessed seismic data revealed less favorable drilling economics than initial reports. * Harken is presently evaluating other prospects in the field using its 60-square mile reprocessed 3D seismic database. "We are pleased with the results from our domestic operations through the first half of 2004, and we are confident that further analysis of our 3-D seismic data will allow us to identify additional new prospects in these fields," said Alan G. Quasha, Chairman of Harken Energy. "Our goal for 2004 is to continue to add production and to generate increased sales of oil and gas from our domestic assets at reasonable finding costs." 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 (303) 665-4200. 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 March 31, 2004 filed on May 14, 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: Bevo Beaven, Vice President, , or Bill Conboy, Senior Account Executive, , both of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation. DATASOURCE: Harken Energy Corporation CONTACT: Bevo Beaven, Vice President, , or Bill Conboy, Senior Account Executive, , both of CTA Public Relations, +1-303-665-4200, for Harken Energy Corporation Web site: http://www.harkenenergy.com/

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