Harken Finalizes Terms for Previously Announced Rights Offering

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Harken Finalizes Terms for Previously Announced Rights Offering
    HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") announced today that it has finalized the terms of its
previously announced rights offering.  On or about February 11, 2003, Harken
will distribute the prospectus, certificates representing the rights, and
other related materials to holders of record, as of the close of business on
January 30, 2003 (which is the record date for the rights offering), of Harken
common stock, Series G1 preferred stock and Series G2 preferred stock.
    Holders of record of Harken common stock, Series G1 preferred stock and
Series G2 preferred stock will receive one subscription right for each share
of common stock held (or, in the case of the Series G1 preferred stock and
Series G2 preferred stock, one subscription right for each share of common
stock issuable upon conversion).  Each subscription right will grant the
holder the right to purchase 2.2667 shares of Harken common stock.  The
subscription price for the rights is $0.311 per right (or $0.1372 per share).
The per share price equals 70% of the market price of Harken common stock
determined by averaging the closing price of Harken common stock on the Amex
for the five trading days ending on February 7, 2003.  The subscription rights
will expire if not exercised before midnight, Eastern Standard Time, on
March 13, 2003, unless extended by Harken.
    Neither Harken, its board of directors, nor any committee of its board of
directors is making any recommendation to stockholders as to whether to
exercise their subscription rights.
    This press release is for informational purposes only and is not an offer
to purchase or a solicitation of an offer to sell shares of Harken common
stock.  Stockholders should carefully read the prospectus, rights certificates
and related materials because they contain important information.
Stockholders may obtain a free copy of the prospectus and other documents
relating to the offer at the Securities and Exchange Commission's web site at
http://www.sec.gov .
    Based in Houston, Texas, Harken is an oil and gas exploration and
production company whose corporate strategy calls for concentrating its
resources on exploration and development of its domestic properties in the
Gulf Coast regions of Texas and Louisiana.
    Certain statements in this news release regarding future expectations and
plans may be regarded as "forward looking statements" within the meaning of
the Securities Litigation Reform Act.  They are subject to various risks, such
as the inherent uncertainties in interpreting engineering data related to
underground accumulations of oil and gas, timing and capital availability,
discussed in detail in Harken's SEC filings, including the Annual Report on
Form 10-K, as amended.  Actual results may vary materially.
SOURCE Harken Energy Corporation
http://www.harkenenergy.com
CONTACT:
Investor Relations of Harken Energy
Corporation, +1-281-504-4000, or info@harkenenergy.com