Harken Announces Final Results of Rights Offering

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Harken Announces Final Results of Rights Offering
    HOUSTON, March 14 /PRNewswire-FirstCall/ -- Harken Energy Corporation
(Amex: HEC) ("Harken") announced today the final results of its rights
offering, which expired in accordance with its terms at 12:00 midnight, New
York City time, on March 13, 2003.
    The subscription agent has informed Harken that subscription rights were
properly exercised for 13,170,077 shares of Harken common stock at $0.1372 per
share (for an aggregate purchase price of approximately $1,807,000).  All of
these shares, when issued, will be listed on the American Stock Exchange.
Harken expects that an additional 59,716,227 shares of Harken common stock
will be issued to Lyford Investments Enterprises Ltd. ("Lyford") pursuant to a
Standby Purchase Agreement.  That agreement obligates Lyford, subject to
certain conditions, to subscribe for and purchase from Harken the number of
shares of common stock equal to the "Shortfall" divided by the subscription
price per share.  The "Shortfall" is the amount by which $10,000,000 exceeds
the aggregate subscription price to be paid by stockholders of Harken who
subscribed for and purchased shares in the rights offering.  Pursuant to the
Standby Purchase Agreement, Lyford has agreed to purchase 59,716,227 shares of
Harken common stock at $0.1372 per share (for an aggregate purchase price of
approximately $8,193,000).  Due to the large Shortfall, upon closing of the
Standby Purchase Agreement, Lyford will become the majority stockholder and
hold approximately 62% of Harken's outstanding common stock.
    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.
    Based in Houston, Texas, Harken is an oil and gas exploration and
production company whose corporate strategy calls for concentrating its
resources on exploration, development and acquisition of 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,
including uncertainties regarding timing, capital availability, and the
closing of the Standby Purchase Agreement, discussed in detail in Harken's SEC
filings.  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